The Russian national commercial broadcaster CTC Media saw its revenue halve in 2015, down from $710.40 million in the previous year to $350.56 million.
Quoting a US report on the company, Interfax adds that in ruble terms its revenue decreased by 24%, and advertising revenue by 20%, in 2015.
The latter figure was much worse than that for the Russian TV ad market as a whole, which declined by 14%. CTC Media’s operating expenses declined by 37% to $345.97 million, and by 2% in ruble terms, and operating income fell from $157.9 million in 2014 to $4.6 million.
Having posted a net profit of $109 million in 2014, CTC Media had a net loss of $487 million last year.
CTC Media, in which MTG held a majority stake, was acquired in late 2015 by UTV Management for $193.1 million.
