Key Developments For CTC Media, Inc.
CTC Media, Inc. (CTCM.O) (Nasdaq)
CTC Media, Inc. Files Lawsuits Against Board Member
CTC Media, Inc. announced that it has become aware that its former President and Chief Executive Officer and a current non- executive member of its Board of Directors - Alexander E. Rodnyansky - has been involved in the business of one of the Company's competitors in Russia and has acted against the best interests of CTC Media. These activities are in breach of Mr. Rodnyansky's contractual obligations to the Company and his fiduciary duties as a Director of the Company. CTC Media has therefore filed civil complaints in the Supreme Court of the State of New York for the County of New York and the Delaware Chancery Court against Mr. Rodnyansky, in order to protect the interests of the Company and its stockholders.
Alexander Rodnyansky Steps Down As CTC Media, Inc.'s President
CTC Media, Inc. announced that Alexander Rodnyansky is stepping down as President of CTC Media effective August 1, 2009. Mr. Rodnyansky's decision was approved by the Board of Directors and he will continue to serve as a Board member.
CTC Media, Inc. Lowers FY 2008 Revenue Outlook
CTC Media, Inc. announced that for fiscal 2008, it has lowered consolidated total operating revenue outlook to the range of $630 million to $660 million. According to Reuters Estimates, analysts on an average were expecting the Company to report revenue of $664 million for fiscal 2008.
CTC Media, Inc. Announces Expansion Into Moldova
CTC Media, Inc. announced that it has completed the acquisition of a 51% interest in the broadcasting group: Teledixi SRL and Muzic Ramil SRL in Moldova for $4.1 million in cash. The channel is expected to re-launch in CTC format during the fourth quarter of 2008.
Alfa Group To Sell Its 26% Stake In CTC Media, Inc. Possibly To Modern Times Group AB Which Would Become Majority Shareholder In CTC Media, Inc.-Dow Jones
Dow Jones reported that Alfa Group has decided to sell its 26% stake in television company CTC Media Inc. One of the options that Alfa Group is considering is a deal with Modern Times Group AB, the Swedish owner of a 40% stake in CTC Media, Inc., under which Alfa Group would exchange its shares in CTC Media, Inc. for a stake in Modern Times Group. Further details were not disclosed.
