MTG CEO Jørgen Madsen Lindemann has said the media company is already feeling the effects of the soon to be introduced Russian pay-TV channel advertising ban.

Publishing MTG’s nine-month financial report, Lindemann said the company was exploring potential solutions for each of the affected businesses. “We are working with our operations, the companies in which we are invested, and with our advisers to review our options in respect of the legislative changes in Russia.” He said MTG would comply with changes to the law.

From the beginning of 2015 advertising on pay-TV channels will be outlawed, while the newly amended Russian Mass Media law will reduce the permitted level of aggregate foreign ownership of Russian mass media from 50% direct ownership to 20% direct or indirect ownership or control from the beginning of 2016.

MTG is expecting sales to continue to increase; this despite the decline of linear viewing in the Scandinavian home market.

Net sales were up 12% with operating income rising 32% to SEK 215 million (€23.38m)

EBIT rose by 14% to SEK 329 million.