Modern Times Group (MTG) has completed the sale of its 38% stake in the Russian national commercial broadcaster CTC Media.
In a statement, it says it received a total of $123 million, equivalent to SEK1,023 million, for the stake and no longer has any interest in CTC Media or its operations.
It adds that the transaction will result in a negative non-cash impact of SEK1,002 million in the ‘net income from discontinued operations’ line of its Q2 results. This will be largely down to accumulated currency translation differences, along with the adjustment to the fair value of the hodling compared to the balance sheet as of March 31.
MTG also says that the cash proceeds of the transaction will be used to reduce the company’s borrowings and fund development of its digital video entertainment business.
