9 Jan 2018 16:15

Ivan Tavrin buys Alisher Usmanov's TV assets

MOSCOW. Jan 9 (Interfax) - Ivan Tavrin has completed a deal to buy a 58.29% controlling stake in LLC New Media Holding, the parent company of UTV, from businessman Alisher Usmanov, the SPARK-Interfax system shows.

The value and details of the deal have not been disclosed by either party.

Following the deal, Tavrin has brought his stake in UTV up to 100%. In addition, he obtains control of 75% of another television holding, CTC Media, which is owned by UTV. The businessman had received approval from the Federal Antimonopoly Service (FAS) to conduct the transaction.

On December 13, Tavrin announced his plans to buy 100% of the TV holding. "Yes, I am really going to buy the share, the asset will essentially be consolidated," he told Interfax.

"I am very grateful to Usmanov and USM Holding for their enormous contribution towards getting the asset into optimal shape, ready to start a new stage in its development," Tavrin said.

Ivan Streshinsky, a board member of USM Holdings, which manages Usmanov's assets, said that television assets were never core for the holding whilst for Tavrin, they had always been a priority.

"We are confident the consolidation of UTV into the hand of a single owner, moreover, to a person with such experience and expertise in the media industry, will open new prospects for the holding," he told newspaper RBC.

UTV Holding was established based Tavrin's and Usmanov's media assets. The company owns the Yu terrestrial channel and non-terrestrial Muz-TV as well as a stake in the terrestrial Disney Channel. In addition, the holding has owned 75% in STS Media, which manages Russian terrestrial channels STS, Domashny, Che (formerly Peretz) and STS Love. UTV does not disclose its financial results.