Roman Abramovich has sold his remaining 20% stake in Russia’s Channel One, reports RBC.
Quoting two sources familiar with the details of the deal, it adds that the stake has been bought by VTB Capital, an investment unit of VTB Group.
Although VTB and Channel One have since confirmed the deal to RBC, John Mann, representing Abramovich, has yet to respond.
Abramovich initially acquired 49% of Channel One, then known as ORT, from Boris Berezovsky in the early 2000s. He subsequently reduced his ownership in several stages, the most recent being to 20% in order to comply with the requirements of the law On Mass Media.
RBC notes that Channel One will be the second broadcaster in which VTB and the National Media Group (NMG) are owners, the other being CTC Media.
