Executive Summary CTC Media (NASDAQ:CTCM) is a television company incorporated in the state of Delaware in the USA and headquartered in Moscow, Russia offering its free-to-air channels in a number of countries with large Russian-speaking populations. As the largest independent free-to-air television company in Russia, CTC Media has a strong foothold in the market. The company's flagship CTC channel was the third most popular channel in Russia in the 10-45 age group in Q1 of this year with a 10.8% market share. CTC Media's free-to-air channels rely heavily on advertising revenue, however with the rise of online streaming through mediums such as Netflix and Hulu, producers of original content have a unique opportunity to sublicense their original...
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