UPDATE 1-Russia CTC Media to buy into Kazakh Channel 31

(Adds details, CEO comment, background)

MOSCOW, Feb 1 (Reuters) - Russian entertainment television company CTC Media Inc (CTCM.O) said on Friday it had signed a deal to buy a 20 percent stake in Channel 31, Kazakhstan's fourth largest television network in terms of audience share.

Under the deal, CTC Media will also have majority ownership positions in Channel 31's affiliate companies, which will provide the advertising sales function and programming content for Channel 31, CTC Media said in a statement.

CTC said the total value of the deal would amount to $65 million. It expects the deal to close in the first quarter.

"We are pleased with our progress in Kazakhstan and are excited about the opportunity this market presents," CTC Media Chief Executive Officer Alexander Rodnyansky said.

Rodnyansky said CTC would focus on young audiences, which account for almost half of the total television audience in Kazakhstan.

He also said the company continued to view the countries of the former Soviet Union as attractive strategic opportunities.

"We plan to continue to execute on our expansion strategy by extending the reach of our brands to other markets in the regions that are poised for robust growth and where Russian content is a proven success with audiences."

CTC, 40 percent owned by Sweden's Modern Times Group (MTGb.ST), operates the CTC and Domashny (Home) channels and is the country's largest TV network outside direct or indirect state control.

Apart from Modern Times Group, CTC's major shareholders include Russian billionaire Mikhail Fridman's Alfa Group with 26 percent and Access Industries with 6 percent. (Reporting by Maria Kiselyova; Editing by Paul Bolding)