Russia’s National Media Group, Telekompaniya and Vyacheslav Murogov have joined forces to launch a new production and distribution company.

Vedomosti reports that National Media Group and Telekompaniya, which is wholly owned by the state broadcaster RTR (VGTRK), each hold a 40% stake in the venture, which has been registered as Prime Time, with Murogov owning the remaining 20% stake.

Murogov is a former general producer at CTC Media and head of the CTC channel and it had been assumed that CTC would also join the venture.

However, it has not done so due to what one source at CTC Media said was the restructuring the company is currently undergoing.

The owners of Prime Time are aiming for it to become one of the top five producers of TV and film content in Russia in the next three to five years.