CTC Media, Inc. Announces Expansion into Moldova
03 Oct 2008
Moscow – October 3, 2008– CTC Media, Inc. (NASDAQ: CTCM), Russia's leading independent media company, announced today that it has completed the acquisition of a 51% interest in the broadcasting group: “Teledixi” SRL and “Muzic Ramil” SRL in Moldova for US $4.1 million in cash. The channel is expected to re-launch in CTC format during the fourth quarter of 2008.
Commenting on the acquisition, Anton Kudryashov, Chief Executive Officer of CTC Media, said, “We are pleased with the opportunity to broaden the reach of the CTC Media brands and strengthen our position among the countries of the former Soviet Union. Moldova is a country with a growing economy and the potential for future growth in the television advertising market. We are confident that our expansion into Moldova will be successful since CTC Media possesses a sound track record of building and operating TV networks. We believe that the combination of our programming expertise and the knowledge and experience of our Moldavian partners will result in a unique entertainment channel for Moldova television viewers.”
Dan Lozovan, General Director of “Teledixi” SRL, said, “Our partnership with CTC Media allows us to meet our viewers’ expectations with regard to high quality content. I am optimistic that the combination of our successful local production and CTC’s proven programming will enhance the channel’s appeal to both viewers and advertisers.”
About Broadcasting Group: “Teledixi” SRL and “Muzic Ramil” SRL
The Group started broadcasting in Moldova in 2001. Currently the Company owns broadcasting licenses for 10 cities, including Kishinev. Technical penetration of the channel is 98% of the territory of Moldova. The Group possesses advanced technical transmitting facilities, including multi-channel satellite stations, and owns two production studios that enable the Company to provide up to 10 hours of in-house programming daily.
|
