- 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)