Gazprom-Media received 51% stake in JV with Maxima Telecom selling online ads
ST PETERSBURG. May 25 (Interfax) - Gazprom-Media Holding has reached an agreement with the operator of Wi-Fi on public transportation Maxima Telecom to create a joint venture (JV) selling online advertising.
The corresponding agreement was signed as part of the St Petersburg International Economic Forum (SPIEF) with Gazprom-Media head Dmitry Chernyshenko and Maxima Telecom chairman Sergei Aslanyan participating.
Under the deal, Maxima Telecom will spin off its internet business into a separate company which will be transferred to the JV. Gazprom-Media will control 51% of the JV and Maxima will have the remaining 49%. The deal is scheduled to be closed by the end of summer. The parties have yet to name the head of the JV; a decision will be made following the company's first board meeting.
The parties have not disclosed how much the deal is worth.
Maxima Telecom's advertising platform will be transferred to the JV, including programmatic technology and data management platform (DMP).
The JV will obtain the right to monetize Maxima Telecom's ad inventory networks and the non-video inventory of the internet platforms of a number of Gazprom-Media assets.