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CTC Media stockholders approve sale to UTH Russia

Dec. 17, 2015 3:43 PM ETCTC Media, Inc. (CTCM) StockCTCMBy: Jason Aycock, SA News Editor8 Comments
  • CTC Media (NASDAQ:CTCM), up 2.8% today, says its special meeting has resulted in shareholders approving all proposed resolutions, primarily a high-profile sale of 75% of the company.
  • With a new Russian Mass Media Law restricting foreign ownership going into effect Jan. 1, the company planned to sell the 75% stake to billionaire Alisher Usmanov's UTH Russia for about $200M.
  • The sale passed with nearly 100% of the voting shares, just under 63% of outstanding shares. A subsequent merger plan designed to return cash to stockholders passed with a vote of 54.4% of outstanding shares.
  • CTC now expects the sale to UTH will close on Monday, with the merger (of CTC Media and CTCM Merger Sub) to close in Q1.
  • Previously: CTC Media sets details for under-the-wire vote on sale to Usmanov (Dec. 15 2015)
  • Previously: CTC Media sees sales decline as Russian TV market contracts (Nov. 09 2015)
  • Previously: CTC Media up 5.8% premarket on sale to Usmanov firm (Sep. 25 2015)

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