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CTC Media buys majority stake in Kazakhstan television broadcaster for USD65 mln cash

NEW YORK. September 5. (AP) - CTC Media Inc., a Russian television broadcaster, said Tuesday it agreed to buy a stake in Kazakhstan broadcaster Channel 31 Group for $65 million in cash. CTC said it also registered to set up a broadcasting company in Uzbekistan, giving it an outpost in that former Soviet republic. The company said the purchase in Kazakhstan will give it a 20 percent share in Channel 31 and majority ownership of the company that sells advertising and programming content for the broadcaster. Together, CTC will have the right to 60 percent in Channel 31. It plans to consolidate the company's financial results with its own. CTC said Kazakhstan has 15 million people and is the third-largest market behind Russia and Ukraine among former Soviet republics. The company said Kazakhstan has "significant potential for further growth in the television advertising market." CTC shares added 50 cents, or 2.2 percent to USD23.50 in afternoon trading. In the past year, the stock has ranged from USD18.82 to USD29.34. Copyright 2007 The Associated Press. All rights reserved.This material may not be published, broadcast, rewritten, or redistributed.

Resourse: Kazakhstan Today

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