CTCM
CTC Media, Inc.NASDAQ
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  • Fri, May 20, 10:54 AM
    • CTC Media (NASDAQ:CTCM) has closed its cash-out merger, wrapping up the transactions tied to selling 75% off the company to UTH Russia.
    • The stock has stopped trading on Nasdaq, and stockholders entitled to merger consideration will receive it after the paying agent receives proceeds.
    • As reported, the company's shares were canceled in exchange for $2.0503/share in distributions.
    • Total distributions were $238.97M and per-share amounts were based on available cash less $8.8M in reserves to satisfy remaining obligations.
    | Fri, May 20, 10:54 AM
  • Wed, May 18, 1:21 PM
    • With finality coming via an IRS refund, CTC Media (NASDAQ:CTCM) has set the closing of its cash-out merger for 8:30 a.m. ET on Friday.
    • Final terms provide for consideration of $2.0503/share, with a total of $239M for distribution. Shares are up 1.5% today to $2.04.
    • The per-share amount was based on available cash less a reserve to satisfy reasonably foreseeable liabilities, costs, obligations and expenses.
    • The move is tied to a sale of 75% of the company to UTH Russia in a deal it came to last winter. After the closing, CTC Media won't be a publicly traded company.
    | Wed, May 18, 1:21 PM | 3 Comments
  • Fri, Feb. 12, 4:14 PM
    • CTC Media (CTCM +2.2%) said today it's gotten the last tranche of the price for its sale of 75% to the firm to UTH Russia.
    • The company had planned to comply with a Russian Mass Media Law that went into effect Jan. 1 with a sale of a 75% stake to UTH, the vehicle of billionaire Alisher Usmanov, for $200M. The deal was approved in December.
    • Of the $200M, $50M was held back and subject to adjustment depending on H2 2015 performance. CTC received $42.5M after a reduction, bringing the total consideration to $193.1M.
    • The company's awaiting a license from the U.S. Treasury to authorize the transaction, and expects the merger will finally close a month after it gets that license.
    • As for per-share amount going to stockholders, CTC says it's "unable to estimate" but it expects it will be "at the lower end of the upper half of the range approved by stockholders of $1.77 to $2.19 per share." CTC Media's trading at $1.89 on Nasdaq.
    | Fri, Feb. 12, 4:14 PM | 2 Comments
  • Dec. 17, 2015, 3:43 PM
    • 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)
    | Dec. 17, 2015, 3:43 PM | 8 Comments
  • Dec. 15, 2015, 11:53 AM
    • CTC Media (CTCM +2.3%), trying to close on a sale of 75% of the company to billionaire Alisher Usmanov, is setting details for a Thursday vote at 4 p.m. UK time.
    • The company says its largest stockholder, MTG Russia, has voted its proxy in favor of all resolutions. The Russian Government Commission responsible for foreign investment into the Russian Federation has OK'd the sale, says CEO Yuliana Slashcheva.
    • CTC is pursuing the sale, to Usmanov's UTH Russia (for about $200M), to comply with a new law imposing limitations on non-Russian ownership of Russian TV broadcasters that goes into effect Jan. 1.
    • It's pressing shareholders to vote -- if the sale isn't approved, there likely won't be time to pursue an alternate transaction before the law takes effect.
    • Previously: CTC Media up 5.8% premarket on sale to Usmanov firm (Sep. 25 2015)
    | Dec. 15, 2015, 11:53 AM | 8 Comments
  • Sep. 25, 2015, 8:59 AM
    • CTC Media (NASDAQ:CTCM) is up 5.8% premarket after sealing a deal to sell 75% of the company to billionaire Alisher Usmanov's UTH Russia, for $200M.
    • The deal, in cash, is set to close in late December. The board will convene a special meeting to vote as soon as possible.
    • Sweden's Modern Times, which owns about 38% of the company's stock, has indicated it's ready to support the transaction, which comes ahead of Russia's foreign-ownership law restricting foreign stakes in mass media to no more than 20%.
    • The board says it intends to return value in cash to company shareholders after closing, and believes the amount available to stockholders would represent a low double-digit premium to yesterday's closing of $1.89.
    • Previously: CTC Media gives UTH Russia until Sept. 30 to seal $200M ownership bid (Jul. 24 2015)
    • Previously: CTC Media up 4.6% on Usmanov $200M bid for control (Jul. 06 2015)
    | Sep. 25, 2015, 8:59 AM | 3 Comments
  • Jul. 24, 2015, 4:49 PM
    • A filing by CTC Media (CTCM -4.5%) details the exclusivity period that billionaire Alisher Usmanov's UTH Russia will have to negotiate acquiring a controlling stake of the firm.
    • UTH will have until Sept. 30 to come to an agreement on a cash offer for 75% of the company. Usmanov has offered $200M for the stake.
    • If CTC Media gets a superior offer, UTH has the right to match the material terms, and would get reimbursed for transaction-related expenses. In addition, after a binding offer, UTH would get a $5M bonus if CTC Media backed out.
    • Previously: CTC Media up 4.6% on Usmanov $200M bid for control (Jul. 06 2015)
    | Jul. 24, 2015, 4:49 PM | 2 Comments
  • Jul. 6, 2015, 9:19 AM
    • Moving ahead of a law that will restrict foreign ownership of Russian media firms, Russian billionaire Alisher Usmanov has offered $200M for 75% of CTC Media (NASDAQ:CTCM). CTCM shares are up 4.6% premarket.
    • CTC Media is about 39% owned by Swedish group Modern Times, and the stock has declined 56% YTD and sank 81% over the past twelve months after Russian President Vladimir Putin signed a law requiring foreign companies to cut stakes in Russian media to no more than 20%.
    • Modern Times says its interest in CTC Media is now for sale and considers it a "discontinued operation." Usmanov's UTH Russia will have a period of exclusivity to negotiate its cash offer for the controlling stake in CTCM.
    | Jul. 6, 2015, 9:19 AM | 7 Comments