Published: 07.41 Europe/London, May 23, 2011

MTG has signed a new agreement relating to the shareholder structure of the Russian commercial broadcaster CTC Media, in which it is currently the largest owner with a stake of 38.2%.

In a filing with the US Securities and Exchange Commission, it has waived its right to purchase the 25.2% stake in CTC Media it was offered by Alfa last month.

Instead, the latter has agreed to sell its stake to a newly formed company named Telcrest Investments Limited (Telcrest), with the sale required to take place on or before August 23 this year.

MTG Russia, CTC Media and Telcrest now have an agreement, valid until June 6, 2015, similar to the existing one between MTG Russia, Alfa and CTC Media.

Telcrest is owned by Mediaset, National Media Group, Abit Holdings and Surgutneftgas, which are all affiliates of Bank Rossiya, and Itera Media Limited, a subsidiary of the oil and gas company Itera.