Moscow CableCom: Renova Media would acquire the equity interest in Moscow CableCom that it does not currently own at a cash price of $12.90 per share

Moscow CableCom and Renova Media Enterprises jointly announced today that they have entered into a definitive merger agreement under the terms of which Renova Media, the largest single holder of Moscow CableCom's voting securities, would acquire the equity interest in Moscow CableCom that it does not currently own at a cash price of $12.90 per share of Moscow CableCom's common stock and an equivalent as-converted price for Moscow CableCom's Series A convertible preferred stock. The merger agreement was approved by Moscow CableCom's board of directors upon the unanimous recommendation of a special committee of independent directors formed to review and evaluate Renova Media's previously announced Nov 4, 2006 proposal for a negotiated acquisition of the co and to consider the co's options.