Who owns Russian TV channels? Analysis of the STS TV channel Belongs to the STS channel
State-controlled VTB Bank last week became a large minority shareholder in the STS Media television holding. His indirect share in the company may amount to almost 8%, the value of the package is more than $22 million
VTB, in which almost 61% is owned by the Federal Property Management Agency, last week became a co-owner of the Cypriot Telcrest Investments Ltd, which, in turn, is the owner of 25.3% of the STS Media holding (TV channels STS, Domashny, Peretz and CTC Love). A source close to Telcrest told RBC about this. The VTB press service confirmed the information: “VTB Group found attractive the conditions for becoming a shareholder of Telcrest and positively assesses the prospects for the asset.” The VTB representative refused to name the size of the package that the bank now controls.
On Friday, September 25, Telcrest notified the US Securities and Exchange Commission of the change in ownership structure. From the company's message it follows that on September 23, Telcrest carried out an additional issue, which was bought by a certain third party. She, as indicated in the Telcrest message, is not connected with the companies in which Yuri Kovalchuk participates, in particular with Rossiya Bank, ADB Management (its trust management holds almost 39.8% of the bank’s shares owned by Kovalchuk) and the investment Abros company (one of its beneficiaries is Kovalchuk).
This additional issue was bought by VTB, explains a source close to Telcrest.
Until now, the Cypriot Telcrest, which in the summer of 2011 bought a blocking stake in ST S Media from Alfa Group for $1.07 billion, was associated with Rossiya Bank and Abros. Last spring, after the annexation of Crimea to Russia , the US Treasury imposed sanctions against Kovalchuk personally, his bank and Abros. Since more than 50% of the voting shares of Telcrest are directly or indirectly controlled by Abros and Rossiya Bank, Telcrest is also subject to sanctions, CTC Media previously explained (its parent company, CTC Media Inc., is registered in the US state of Delaware).
25.3% of STS Media belongs to the Cypriot Telcrest, whose shareholders include Rossiya Bank, Surgutneftegaz and the National Media Group. In addition to the Cypriot company, the owner of CTC Media is also the Swedish Modern Times Group with a share of 38.5%. About 36.2% of CTC Media shares are traded on NASDAQ. But soon 75% of CTC Media's operating business will be $200 million may buy the YuTV holding of Alisher Usmanov and Ivan Tavrin. After this, CTS Media will buy out shares of Modern Times Group and minority shareholders.
CTC Media's revenue in 2014 reached almost 27.3 billion rubles. ($711 million), adjusted OIBDA - RUB 7.8 billion. ($207 million), net profit - RUB 3.7 billion($108 million). On Monday, September 28, the capitalization of the entire CTC Media on NASDAQ at 18:00 Moscow time was $288.8 million.
The appearance of VTB Bank among Telcrest shareholders is not the only change in the structure of this company., before the additional issue, the share of Abros » in Telcrest (27.9%) boughtassociated with the main owner of Severstal Alexey Mordashov Abit Holding Ltd. As a result of the transaction, the company's share in Telcrestincreased from 13.6 to 41.5%. Mordashov actually increased his stake in Telcrest, the businessman’s representative Elena Kovaleva confirmed to RBC. But after an additional issue in favor of VTB, Mordashov’s share in the Cypriot company decreased. The businessman’s representative does not specify the size of his current share.
Now Mordashov may own about 29% in Telcrest, one of RBC’s interlocutors knows (accordingly, he indirectly owns about 7.3% of the entire CTC Media).If the additional issue was purchased by the only participant - VTB,then, based on its results, the bank’s share in the Cypriot company could amount to 30.1%. Thus, VTB’s indirect share in the entire CTC Media is now 7.6% (the market value of this package on the eve of the additional issue, September 22, was $22.3 million).When asked by RBC whether the remaining shareholders participated Telcrest - "With Urgutneftegaz" " and the National Media Group - in the additional issue, representatives of these companies didn't answer.
Today, the STS Media holding officially announced the appointment of Daria Legoni-Fialko as director of the STS TV channel. Unofficially, information about the appointment spread in the summer, but there was no confirmation from the company.
Now, from September 1 (and this is when the appointment comes into force), Daria Legoni-Fialko takes over the post where she will be responsible for managing the channel and focusing on content production, programming and marketing. The STS-Media holding has already announced plans for the new season, so there is a lot of work for the new leader. And such close attention to the appointment is due to the fact that before joining STS Media, Daria Legoni-Fialko headed the TV-3 channel, which under her leadership showed significant growth. Now the top manager herself shows career growth. Daria Legoni-Fialko has been working in the television industry since 1997. Previously, she held the position of general producer of television projects at Star Media and various positions on the “1+1” channel (Ukraine). Previously, she graduated from Taras Shevchenko National University of Kiev, and in 2006 received an MBA degree from the International Institute of Management.
Let us recall that the position of director of the STS channel was empty until recently. Previously, under the previous management of the holding, it was occupied by Elvira Makhmutova, but she left the post in March last year. After her, powers were shared by Yuliana Slashcheva and Lika Blank. Moreover, Lika Blank was the general director of the Domashny and STS channels. Then STS-Media's management changed. Vyacheslav Murugov, who had previously worked in the top management of STS-Media, returned to the position of general director of the holding; Yuliana Slashcheva left the company, and after this, changes in the team began to occur. Lika Blank, who held the post of general director of both channels, as well as general producer of CTS Media, moved to the position of advisor to the general director. The position of general producer of STS Media has been abolished. Marina Khripunova, who previously held the post of program director of the channel, was appointed general director of the Domashny TV channel. The appointment took effect on July 18. Marina Khripunova is also temporarily acting as head of the CTC Love TV channel until a permanent director is appointed.
By the way
As of today, the newly appointed director of the TV-3 channel, Ekaterina Dunaeva, has also taken up her duties, replacing Daria Fialko in this post. Previously, since 2012, Ekaterina Dunaeva worked at TV-3 as a program director. In 2011, she participated in the launch of the Paramount Comedy TV channel as a consultant for VIACOM. From 2007 to 2011, she worked at the MTV Russia television channel, holding the positions of manager of the program directorate, purchasing manager, head of the planning department of the program directorate and director of content procurement. In the rating of young media managers in Russia, she was assigned the category AAA (industry leader).
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FREE TV
In the segment of 20 free-to-air television channels at the federal level in 2012, there was no fundamental regrouping of forces. The most significant M&A deal concerned the holding company "STS Media, Inc" (STSM). The owner of National Media Group CJSC (NMG) - OJSC AB Rossiya of Yu. Kovalchuk - through Mediaset LLC became the sole owner of Telcrest Investments, Ltd, which, in turn, owns 25.17% of STSM. Telcrest Investments was created in 2011 to form a pool of investors who bought STSM shares from the Alfa Group Consortium of M. Friedman (“CTF Ho1dings, Ltd” and “CTF Consultancy, Ltd”) for $1.07 billion Mediaset was initially part of this pool, and then acquired the 27.88% missing for full control from Itera Media, Ltd, a subsidiary of ITERA International Energy, LLC of I. Makarov. The amount of this transaction was not disclosed. The largest shareholder of STSM is still the Swedish Modern Times Groupe, AB (38.20%). The market capitalization of STSM was currently $1,329 million (NASDAQ: STSM). On the Board of Directors of STSM, three out of nine seats now belong to representatives of Telcrest Investments, that is, indirectly to Mediaset and, accordingly, AB Rossiya. But here it should be noted that NMG itself does not yet formally have anything to do with STSM.
In general, it is the prospects for the development of LMWH that are of greatest interest today. While the holding has a 25.00% stake in Channel One OJSC and 68.00% in REN TV Media Holding LLC, its property relations with Petersburg Television and Radio Company OJSC (Channel Five) are not entirely clear. According to Rosstat, this asset, primarily through IK Abros (22.43%), is still owned by AB Rossiya itself, which is not an exceptional situation for the business structures of Yu. Kovalchuk. Also among the shareholders are Severstal Group CJSC (19.99%), Surgutneftegaz OJSC (19.99%) and Volna LLC (18.30%) - the parent organization of the Baltic Media Group ( BMG). According to the data of the Petersburg Television and Radio Company itself (list of affiliates as of June 30, 2012), as many as 72.42% of the shares belong to NMG, but who owns the remaining 27.58% from the same list is unclear.
The main intrigue, of course, is the relationship between AB Rossiya and NMG with Gazprom-Media Holding OJSC (GMH). Back in 2006, OJSC Sogaz, controlled by AB Rossiya, acquired from OJSC Gazprom 75.00% of the shares of CJSC Leader, which received a large stake in OJSC Gazprombank for trust management. Later, Leader and NPF Gazfond, also controlled by AB Rossiya, became co-founders of Gazprombank. The main financial organization of Gazprom, in turn, controls GMH through a number of intermediate beneficiaries. At the moment, it is generally accepted that AB Rossiya has little direct participation in the management of Gazprom’s media, in particular OJSC NTV Television Company and OJSC TNT-Teleset. However, in 2012, official statements appeared that Gazprombank did not exclude the sale of GMKh as a non-core asset for itself, and the structures of AB Rossiya acted as the main potential buyer. But for now, the official market configuration still looks as shown in Table 1.
Owners of Russian federal television channels (2012)
Compiled based on media materials.
In 2012, there were some changes in ownership structures within television holdings. Thus, GMH TV channels were more synchronized in terms of shareholder composition: Gazprombank withdrew from the capital of TNT-Teleset, transferring its stake to GMH itself. Thus, the system of property relations between the parent and subsidiary organizations of the holding becomes more uniform. The TV channels controlled by Prof-Media Management LLC (PMM) now have a single management organization - Profmedia TV LLC, which indicates the process of consolidating the holding’s assets. At the same time, however, PMM itself still has no property ties with Energia TV LLC (MTV), Telekanal TVZ LLC and TV and Radio Company 2x2 LLC. There were no changes in the holding company "YUTV-Media" (YUTV) - the parent organization, even after the rebranding of TV channels, did not join the capital of CJSC "TV Service" ("Channel U") and LLC "7TV" (Disney).
In the context of the high-profile corruption scandal surrounding Oboronservis OJSC, it should be noted that in 2012 this subsidiary of the Russian Ministry of Defense entered into the capital (16.09%) of Krasnaya Zvezda OJSC, the sole owner of TC RF Armed Forces OJSC. Star"". The investigation into the illegal activities of the management of Oboronservis and the ministry itself in the future may indirectly affect the property ownership of the TK RF Armed Forces Zvezda, since this asset is obviously non-core for the structures of the military department.
Owners of federal television channels of Russia (Unified State Register of Legal Entities as of November 1, 2012)
Foreign beneficiaries (non-resident organizations of the Russian Federation) maintain a significant presence in the segment. The most obvious examples here are the ownership structures of the STSM and PMM holdings. Additional management organizations (subholdings) being created in Russia continue to play the role of intermediate owners of television assets, thus ensuring compliance with the well-known norm of the federal law “On the Mass Media” of December 27, 1991 No. 2124-1 - Article 19.1 . Restrictions related to the establishment of television channels, radio channels, television, radio, video programs and organizations (legal entities) carrying out broadcasting.
PAY TV
In the segment of paid non-terrestrial television, 2012 passed in anticipation of the takeover of OJSC Rostelecom, which owns the operator National Cable Networks (brands "Your TV", "On-lime", "Cabinet"), OJSC "Central Telegraph", which owns -by operator under the “QWERTY” brand. At the moment, both Rostelecom and Central Telegraph are controlled by Svyazinvest OJSC, which, in turn, is 75% owned by the Federal Property Management Agency, and 25% owned by Rostelecom itself. According to the plan of the Government of the Russian Federation, adopted back in 2009, there should be a merger of Svyazinvest and Rostelecom into a single holding and, thus, Central Telegraph will automatically come under the control of Rostelecom or, perhaps, will be liquidated altogether as independent organization. However, by the end of 2012, none of the landmark decisions had been made, and the status quo in the pay television operator market remained.
Holding companies and pay television operators in Russia (2012)
In 2012, in the TOP-5 market of cable and satellite television operators, only the formal composition of participants changed. Comstar-UTS OJSC (MTS brand) no longer exists as an independent organization - the subsidiary was completely merged with the parent Mobile Telesystems OJSC back in 2011, according to the same scheme, Platform HD LLC ceased to exist - it happened merger with CJSC National Satellite Company (Tricolor TV brand). At the same time, the composition of the founders of the National Satellite Company itself has changed - now the enterprise belongs simply to two individuals.
Owners of the Top 5 cable television operators in Russia (Unified State Register of Legal Entities as of November 1, 2012)
Owners of the Top 5 satellite television operators in Russia
(Unified State Register of Legal Entities as of 01/01/2012)
In general, the high share of foreign beneficiaries is still evident in the segment. For example, OJSC Vimpel-Communications is 100% owned by the Dutch Vimpelcom Holdings, BV, and Orion Express LLC has the American Chadwick Holding, Inc (49%) among its founders. In the market of non-terrestrial television operators, this state of affairs does not violate the current Russian legislation.
