Modern Times Group (MTG)-backed CTC Media has restated its position on proposed amendments to Russia’s Mass Media Law.
These passed their second and third readings in the State Duma on September 26 with only minor changes to the initially proposed drafts. They will now progress to the Federation Council and, if approved, presidential decree.
The amendments would see the permitted level of foreign ownership in media reduced from the current 50% (there are no restrictions on print) to 20%.
Yuliana Slashcheva, CEO of CTC Media, commented: “we are carefully evaluating the impact on CTC Media of these proposed amendments to the Mass Media Law.
“While we do not currently expect this law to adversely affect our operating business, it does have substantial implications for our corporate structure and stockholders. We are therefore, together with our advisors, analysing the potential outcomes of the implementation of this legislation, and considering all actions that we and our stockholders may take in order to comply with it and to protect stockholders’ interests.”