CTC Media has issued a statement on controversial proposed amendments to the Russian Mass Media Law that would limit foreign ownership of media companies to 20%.

At the same time, it has announced the appointment of a new co-chairman and new director.

The amendments would particularly impact on the broadcaster, which is a Delaware corporation and lists Modern Times Group (MTG) as its largest shareholder.

After providing background to the proposed amendments and details about its ownership, the company concludes: “CTC Media is closely monitoring these developments and evaluating their potential impact on the Company and its stockholders. At the same time, CTC Media is considering all potential actions that the company and its stockholders may take, both in order to comply with the law if enacted and to protect their interests”.

Separately, CTC Media has announced that existing board member Jørgen Madsen Lindemann has been elected to serve as co-chairman of the CTC Media board of directors in place of Lorenzo Grabau.

Mathias Hermansson has meanwhile been appointed as a member of the CTC Media board in place of Mr Grabau.

Mr Lindemann, Mr Hermansson and Ms Irina Gofman are therefore now the three members of the CTC Media board.