Sberbank has acquired a 46.5% stake in Rambler Group in order to create a market leader in the Russian media and entertainment market.
Rambler’s current shareholders will not receive any proceeds as a result of the deal. They will also retain stakes of 46.5% (A&NN) and 7% (Era Capital) in the group.
Rambler’s digital assets include Okko, one of the leading OTT services in Russia, and have a monthly audience of 56 million unique viewers.
Funds invested by Sberbank will be used exclusively to develop digital services, especially technological platforms.
Commenting on the deal, which is expected to close in Q3 2018 following anti-monopoly clearance and fulfilment of conditions precedent, Herman Gref, CEO and chairman of the executive board of Sberbank, said: “This is a landmark deal, not only for us, but also for the entire Russian media market. Rambler Group Mediaholding’s digital resources are used by more than nine million Russians every day. We are pleased to enrich Sberbank’s ecosystem with a unique combination of movies, content, news and other services. I am certain that our partnership will set a new standard for the Russian media market in terms of quality of content, formats for its consumption and technology that is used.”
Alexander Mamut, chairman of the management committee of Rambler Group, added: “Partnership with such a player that holds leading positions in a number of sectors of the Russian economy is one of the most important components of Rambler Group’s strategy. Broadening our cooperation with Sberbank will combine, under a single ecosystem, the capabilities of the leader of the financial sector and the largest participant of the media and entertainment industry. This will allow us to offer a completely new user experience, which will lead to a bigger client base and higher user loyalty.”
