Who owns Russian TV channels. Analysis of the sts channel Belongs to the sts channel

The state-controlled bank VTB last week became a major minority shareholder in the television holding CTC Media. His indirect stake in the company could be almost 8%, the stake is worth more than $22 million.

VTB, in which almost 61% belongs to the Federal Property Management Agency, became last week a co-owner of the Cypriot Telcrest Investments Ltd, which, in turn, is the owner of 25.3% of the CTC Media holding (STS TV channels, Domashny, Peretz and CTC Love). This was told to RBC by a source close to Telcrest. The press service of VTB confirmed the information: "The VTB Group found attractive the conditions for becoming a shareholder of Telcrest and positively assesses the prospects for the asset." The representative of VTB refused to name the size of the package, which the bank now manages.

On Friday, September 25, Telcrest notified the US Securities and Exchange Commission of the ownership change. From the message of the company 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 message of Telcrest, is not associated with companies in which Yuri Kovalchuk participates, in particular with Rossiya Bank, ABR Management (almost 39.8% of the bank's shares owned by Kovalchuk are in its trust management) and investment Abros company (one of its beneficiaries is Kovalchuk).

This additional issue was purchased 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, Telсrest is also subject to sanctions, CTC Media explained earlier (its parent company, CTC Media Inc., is registered in the US state of Delaware).

25.3% of CTC Media is owned by the Cypriot Telcrest, whose shareholders include Rossiya Bank, Surgutneftegaz and the National Media Group. In addition to the Cypriot company, the Swedish Modern Times Group is also the owner of CTC Media with a 38.5% share. About 36.2% of CTC Media shares are traded on NASDAQ. But soon 75% of the operating business of CTC Media will $200 million may buy the YuTV holding of Alisher Usmanov and Ivan Tavrin. After that, CTC Media will buy back the shares of Modern Times Group and minority shareholders.

The revenue of CTC Media in 2014 reached almost 27.3 billion rubles. ($711 million), adjusted OIBDA — RUB 7.8 billion. ($207 million), net income - 3.7 billion rubles($ 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 the shareholders of Telcrest is not the only change in the structure of this company., before the additional issue of the share of Abros » in Telcrest (27.9%) bought outassociated with the main owner of Severstal Alexei Mordashov Abit Holding Ltd. As a result of the transaction, the share of this company in Telcrestincreased from 13.6 to 41.5%. Mordashov really increased his stake in Telcrest, Elena Kovaleva, a representative of the businessman, confirmed to RBC. But after the additional issue in favor of VTB, Mordashov's share in the Cypriot company decreased. The representative of the businessman does not specify the size of his current share.

Now Mordashov in Telcrest may own about 29%, one of the interlocutors of RBC knows (respectively, he indirectly owns about 7.3% of all CTC Media).If the additional issue was redeemed by the only participant - VTB,then, according to its results, the bank's share in the Cypriot company could reach 30.1%. Thus, VTB's indirect stake in the entire CTC Media now stands at 7.6% (the market value of this stake on the eve of the additional issue, on September 22, was $22.3 million).When asked by RBC about whether the remaining shareholders participated Telcrest - "S Urgutneftegaz » and the National Media Group — in additional issue, representatives of these companies didn't answer.

Today, the STS Media holding officially announced the appointment of Daria Legoni-Fialko as the 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 (namely, 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. Holding "STS-Media" 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 TV industry since 1997. Previously, she held the position of the general producer of television projects of the Star Media company and various posts on the 1 + 1 channel (Ukraine). Prior to that, she graduated from the Taras Shevchenko National University of Kyiv, and in 2006 received an MBA from the International Institute of Management.

Recall that the position of the director of the STS channel was empty until recently. Previously, under the previous leadership of the holding, it was occupied by Elvira Makhmutova, but she left the post in March last year. After her, the 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 changed its leadership. Vyacheslav Murugov, who previously worked in the top management of STS-Media, returned to the place of the holding's CEO, Yuliana Slashcheva left the company, and after that, reshuffles began to occur in the team. Lika Blank, who held the post of General Director of both channels, as well as the General Producer of STS 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 position of the program director of the channel, was appointed General Director of the Domashny TV channel. The appointment took effect July 18. Marina Khripunova also temporarily, until the appointment of a permanent head, acts as head of the CTC Love TV channel.

By the way

From today, the newly appointed director of the TV-3 channel, Ekaterina Dunaeva, who replaced Daria Fialko in this post, has also taken up her duties. 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 TV channel, holding the positions of Program Directorate Manager, Purchasing Manager, Head of the Program Directorate Planning Department and Content Purchasing Director. 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 free TV channels of the federal level in 2012, there was no fundamental regrouping of forces. The most significant M&A transaction concerned the holding "CTC Media, Inc" (CTCM). The owner of CJSC National Media Group (NMG) - JSC AB Rossiya Y. Kovalchuk - through LLC Mediaset became the sole owner of Telcrest Investments, Ltd, which in turn owns 25.17% of STSM. Telcrest Investments was established in 2011 to form a pool of investors who bought CTSM shares from M. Friedman's Alfa Group Consortium (CTF No1dings, Ltd and CTF Consultancy, Ltd) for $1.07 billion Mediaset was originally part of this pool, and then acquired the 27.88% missing for full control from Itera Media, Ltd, a subsidiary of I. Makarov's ITERA International Energy, LLC. The amount of this transaction was not disclosed. The Swedish Modern Times Groupe, AB (38.20%) still remains the largest shareholder of STSM. The current market capitalization of CTCM is $1,329 million (NASDAQ: CTCM). Three out of nine seats on the Board of Directors of CTSM are now held by representatives of Telcrest Investments, i.e. indirectly by Mediaset and, accordingly, AB Rossiya. But here it should be noted that the LMWH itself has so far formally nothing to do with the STSM.

In general, it is precisely the prospects for the development of NMG that arouse the 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 completely 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 Y. Kovalchuk's business structures. 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 it is not clear who owns the remaining 27.58% from the same list.

The main intrigue, of course, is the relationship between AB Rossiya and NMG with OAO Gazprom-Media Holding (GMH). Back in 2006, JSC Sogaz, controlled by AB Rossiya, acquired from JSC Gazprom a 75.00% stake in CJSC Leader, which received a large block of shares in JSC Gazprombank in trust management. Later, Leader and NPF Gazfond, also controlled by AB Rossiya, also became co-founders of Gazprombank. The main financial institution of Gazprom, in turn, controls the GMH through a number of intermediate beneficiaries. At the moment, it is generally accepted that AB Rossiya has little direct involvement in the management of Gazprom's media, in particular OJSC NTV Television Company and OJSC TNT-Teleset. However, in 2012 there were official statements that Gazprombank did not exclude the sale of GMH 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 like it is shown in Table 1.

Owners of Russian federal TV channels (2012)

Compiled based on media reports.

In 2012, there were some changes in ownership structures within television holdings. Thus, the GMH TV channels were more synchronized in terms of the composition of shareholders: Gazprombank withdrew from the capital of TNT-Teleset, transferring its stake to GMH itself. Thus, the system of property relations between the parent and subsidiaries of the holding becomes more of the same type. The TV channels controlled by Prof-Media Management LLC (PMM) now have a single managing organization - Profmedia TV LLC, which indicates the process of consolidation of the holding's assets. At the same time, however, PMM itself still has no property ties with Energia TV LLC (MTV), TV Channel TVZ LLC and TV and Radio Company 2x2 LLC. There were no changes in the YuTV-Media LLC holding (YuTV) - the parent organization, even after the rebranding of the TV channels, did not enter the capital of CJSC TV Service (Channel Yu) 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 the capital (16.09%) of Krasnaya Zvezda OJSC, the sole owner of OAO TK Armed Forces of the Russian Federation " Star"". The investigation into the illegal activities of the leadership of Oboronservis and the ministry itself in the future may indirectly affect the property of the Labor Code of the Armed Forces of the Russian Federation Zvezda, since this asset is obviously non-core for the structures of the military department.

Owners of federal TV channels of Russia (Unified State Register of Legal Entities as of 11/01/2012)

A significant presence in the segment is retained by foreign beneficiaries (organizations-non-residents of the Russian Federation). The most obvious examples here are the ownership structures of the STSM and PMM holdings. Additional managing organizations (sub-holdings) 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 TV channels, radio channels, TV, radio, video programs and broadcasting organizations (legal entities).

PAY TV

In the non-terrestrial pay television segment, 2012 passed in anticipation of the takeover of OJSC Rostelecom, which owns the operator National Cable Networks (Tvoye TV, On-lime, Kabinet brands), OJSC Central Telegraph, I own -shchego operator under the brand name "QWERTY". At the moment, both Rostelecom and Central Telegraph are controlled by OJSC Svyazinvest, which, in turn, is 75% owned by the Federal Property Management Agency, and 25% by Rostelecom itself. According to the plan of the Government of the Russian Federation, adopted back in 2009, Svyazinvest and Rostelecom should merge into a single holding and, thus, Central Telegraph will automatically come under the control of Rostelecom or, possibly, will be liquidated altogether as independent organization. However, until the end of 2012, none of the landmark decisions were made, and the status quo in the market of pay TV operators was preserved.

Russian pay television holdings and operators (2012)

In 2012, in the TOP-5 market of cable and satellite television operators, only the formal composition of participants changed. OJSC Comstar-UTS (MTS brand) no longer exists as an independent organization - the subsidiary is fully merged with the parent OJSC Mobile Telesystems in 2011, according to the same scheme, LLC Platform HDC ceased to exist - happened merger with National Satellite Company CJSC (Tricolor TV brand). At the same time, the composition of the founders of the National Satellite Company itself has changed - now the enterprise is owned simply by two individuals.

Owners of the Top 5 cable television operators in Russia (Unified State Register of Legal Entities as of 11/01/2012)

Owners of the Top 5 Satellite TV Operators in Russia

(Unified State Register of Legal Entities as of 01.01.2012)

In general, the high proportion of foreign beneficiaries is still evident in the segment. For example, Vympel-Communications OJSC is 100% owned by the Dutch Vimpelcom Holdings, BV, while Orion Express LLC has the American Chadwick Holding, Inc (49%) as its founders. On the market of non-terrestrial television operators, this state of affairs does not violate the current Russian legislation.