MOSCOW, Dec. 2, 2014 (GLOBE NEWSWIRE) -- CTC Media Inc. ("CTC Media" or the "Company") (Nasdaq:CTCM), a leading Russian independent media company, today announced that it has appointed international bank UBS as its financial advisor and professional services company KPMG LLP as its tax advisor. Both firms will advise CTC Media on its response to recent amendments to the Russian Federation's "On Mass Media" law, which will impose further restrictions on foreign ownership of mass media assets in Russia.
The CTC Media Board of Directors previously established an advisory committee consisting of non-executive directors, which is in the process of evaluating the potential actions that the Company may take, in order to comply with the amendments.
CTC Media has also previously announced the engagement of Morgan, Lewis & Bockius LLP and Egorov Puginsky Afanasiev & Partners as legal advisors, and Habif, Arogeti & Wynne as its tax advisor in connection with the same process.
Yuliana Slashcheva, Chief Executive Officer of CTC Media, said, "The engagement of UBS and KMPG, as well as the appointment of our new Chief Legal Officer, further strengthens the team that will support the CTC Media management team and the Board in analyzing and deciding on the potential actions to be taken in response to the amendments to the mass media law. We are working together to establish solutions that will enable us to comply with the law and protect the interests of our stakeholders."
About CTC Media Inc.
CTC Media is the leading Russian independent media company. The group manages four television channels in Russia (CTC, Domashny, Peretz and CTC Love) as well as Channel 31 in Kazakhstan and a TV company in Moldova with combined audience over 150 million viewers. The international version of CTC Channel is available in North America, Europe, Central Asia, Armenia, Georgia, Azerbaijan, the Middle East and Kyrgyzstan. The international version of Peretz is available in Belarus in Kyrgyzstan as well. CTC Media also owns several digital entertainment media assets including videomore.ru, domashniy.ru, ctc.ru and peretz.ru. CTC Media is publicly traded on NASDAQ under the symbol CTCM.
CTC Media is a corporation registered in Delaware (the U.S.) which owns, directly and indirectly, 100% of shares of Russian legal entities whose main business is broadcasting entertaining TV programs in Russia and the CIS. The shares of CTC Media are traded on NASDAQ, an American stock exchange. Shareholders of CTC Media include MTG Russia AB (100% of its shares are owned, directly or indirectly, by the Swedish public company Modern Times Group MTG AB), which holds about 39% of shares of CTC Media; Telcrest Investments Limited (a private company in Cyprus, whose beneficial owners comprise Russian legal entities and individuals) holding about 25% of the shares of CTC Media; as well as public shareholders including American and European institutional and retail investors holding the remaining shares of the company, which total 36%.
About UBS AG
UBS draws on its 150-year heritage to serve private, institutional and corporate clients worldwide, as well as retail clients in Switzerland. Its business strategy is centered on its pre-eminent global wealth management businesses and its leading universal bank in Switzerland, complemented by its Global Asset Management business and its Investment Bank, with a focus on capital efficiency and businesses that offer a superior structural growth and profitability outlook. The Investment Bank provides corporate, institutional, and wealth management clients with expert advice, innovative financial solutions, outstanding execution and comprehensive access to the world's capital markets.
About KMPG International
KPMG LLP, the audit, tax and advisory firm, is the U.S. member firm of KPMG International Cooperative ("KPMG International"). KPMG International's member firms have 145,000 professionals, including more than 8,000 partners, in 152 countries. KPMG delivers a globally consistent set of multidisciplinary services based on deep industry knowledge. Our industry focus helps KPMG professionals develop a rich understanding of clients' businesses and the insight, skills, and resources required to address industry-specific issues and opportunities.