Published: 11.21 Europe/London, May 26, 2011
MTG CAPITAL MARKETS DAY – LONDON. MTG is flexible and open to all types of future co-operation with its new Russian partner Telcrest, according to Hans-Holger Albrecht, MTG president and CEO. This could involve working together on developing MTG’s Russian DTH operation Raduga TV.
In discussing the deal that has seen MTG waive its right to buy the stake in CTC Media previously held by Alfa, he revealed that MTG had met with the highest authorities in Russia to discuss the change in shareholder structure.
He added that Yuri Kovalchuk, the chairman of the board of directors of Bank Rossiya, the head of the National Media Group (NMG), has a strong record of being a solid partner and would be a good long-term one for MTG in CTC Media.
In Albrecht’s view, Kovalchuk is very much focused on developing the business.
Albrecht stressed that CTC Media’s business is very strong, adding that MTG likes the Russian market and plans to invest more in it.
Telcrest is owned by Mediaset, NMG, Abit Holdings and Surgutneftegas, all of which are affiliates of Bank Rossiya, and Itera Media Limited, It has acquired the 25.2% shares in CTC Media formerly held by Alfa for $1.072 billion (€761.9 million).