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News

CTC Media requests for a suspension of the law on foreign capital in the media

Holding appealed to the Ministry of Communications and the Ministry of Economic Development with a request for an annual suspension of the new law, which limits the percentage of shares of foreigners in the Russian media.

CTC Media holding’s management (CTC TV, "Domashnij", "Perec", CTC Love) has asked the Ministry of Communications and the Ministry of Economic Development to help with a suspension of entry into force of the law on the limitation of foreign capital in the Russian media. In letters to the heads of ministries Nikolai Nikiforov and Alexei Ulyukayev it is requested to consider the possibility to add the amendments to the law to the State Duma that would make an exception for public companies, whose shares are traded on foreign stock exchanges. Desired delay for CTC is 1 year, until January 1, 2017. This was reported to "Izvestia" in CTC Media, a fact of handling confirmed in the ministries.

In the letters (copies have amended) CTC Media recalls that is the only Russian media company, whose shares are traded on a foreign stock exchange, the US NASDAQ. The company points to its status as a public company and the responsibility to protect the interests of investors.

Law limiting foreign participation in the Russian media comes into force on January 1, 2016. According to it, foreign natural and legal persons can not establish the media in Russia, and the share of foreign companies in the domestic media may not exceed 20%. Prior to the adoption of the law the threshold was 50%, and concerned the ownership of only TV and radio channels, and companies that broadcast in more than half of the subjects of the Russian Federation or the territory, where at least half of the country's population are living. Until February 2016 all foreign media owners in Russia should bring the founding documents in compliance with the new rules and pass the information to the Roscomnadzor (subordinate to the Ministry of Communications) not later than 15 February. An exception is made for the media, whose beneficiaries are the Russians with a share of more than 80% - for them the transition period ends on January 1, 2017.