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CTC Media agreement ends

The shareholder agreement has expired at the MTG-backed Russian broadcaster CTC Media.

According to Vedomosti, it was signed in 20111 and regulates the relations between the company and MTG and Cyprus-registered Telcrest, two of its largest shareholders, with stakes of 39% and 23% respectively.

Quoting Igor Ivanov, a representative of CTC Media, it adds that MTG cannot sign a new agreement with Telcrest because of US government sanctions on Telcrest, which is controlled by the Russian bank Rossiya.

The situation is made more complicated by the fact that CTC Media is registered in the US state of Delaware.

Ivanov maintained that CTC Media does not expect the termination of the agreement to have a significant impact on the company.

He also said that although Telcrest will also lose the right to maintain the same number of representatives on the board of directors, in practice no reduction is likely to happen.