The Russian state broadcaster VGTRK (RTR) has been instructed by President Putin to relinquish the frequency used by its second channel Rossiya 2 to Gazprom Media by August 1.

Vedomosti reports that the frequency, along with the production and technical base of Sports Broadcasting, will be used to create a new sports channel operated by the DTH platform NTV-Plus, which is owned by Gazprom Media.

The new channel, details of which were first made public this spring, has the working title Sport360 and will make its debut on September 1.

It will be funded by advertising and should break even in three years.

The deal transferring the RTR channel frequency to Gazprom-Media has not yet been signed but is understood to be worth R9.3 billion (Ä151.6 million).

For this, Gazprom Media will also receive equipment that RTR uses for sports broadcasting.