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News

Profit From The Russian Oligarchy With CTC Media

Summary

•CTC Media is a distressed seller after an amendment to Russia's mass media law.

•UTH has offered to buy a 75% stake for $200M.

•The current per share price is trading on the low end of the possible merger consideration.

CTC Media (NASDAQ:CTCM) is the leading independent Russian broadcasting company. Founded in Delaware in 1989, the firm has been publicly traded since 2006 and is now headquartered in Moscow. In addition to operating multiple television networks in Russia, CTCM broadcasts internationally throughout Europe, the Middle East, and North America. It also sells and sub-licenses programming and content. Recently, the firm has been expanding its services to include online social networks and mobile applications.

In FY2014, CTCM reported over $700M in revenue, $200M in EBITDA, $150M in operating profit, and $110M in net income. It ended the year with over $410M in book equity and 1.5 times more current assets than total liabilities. After revealing 3Q2015 earnings on November 9, the TTM numbers are: $430M in revenue, $72M in EBITDA, $36M in operating profit, and $76M in net income. The balance sheet for this period is showing $385M of book equity and 1.25 times more current assets than total liabilities.