Capital Research Global Investors cuts stake in CTC Media by more than 2 thirds in Q4 2014
MOSCOW. Feb 13 (Interfax) - Capital Research Global Investors, which a year ago was the biggest institutional investor in CTC Media, sold off 1.63 million CTC shares in the fourth quarter of last year, company materials say.
As of end of trading on the NASDAQ on Wednesday, the market value of that amount of shares was $18.7 million.
At the end of last year, Capital held 2.442 million shares in the media holding, representing 1.57% of its capital. The fund had 4.072 million shares (2.6%) in Q3 and 8.289 million shares (5.2%) in Q2.
CTC Media's revenue has fallen in the last several years. In January-September of 2013, revenue from its own products, as well as from sublicensing, fell by 23.4% to $12 million, and in the third quarter of last year it fell by 11.2% to $2.97 million.
CTC Media owns Russian TV channels CTC, Domashny and Perets, as well as media assets in Kazakhstan and Moldova, and a production company.
