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CTC Media, Inc. (CTCM)

  • Fri, Sep. 25, 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)
    | Fri, Sep. 25, 8:59 AM | 3 Comments
  • Fri, Jul. 24, 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)
    | Fri, Jul. 24, 4:49 PM | 2 Comments
  • Mon, Jul. 6, 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.
    | Mon, Jul. 6, 9:19 AM | 7 Comments
Company Description
CTC Media Inc is a media company, which operates three Russian television networks and one Kazakh channel. Its channels includes CTC (a flagship channel), Domashny, Peretz and channel 31 (a Kazakh channel).
Sector: Services
Country: Russia