CTC Media to Buy Russia's DTV Group

DTV operates a national television network and 28 TV stations in Russia. CTC expects the transaction will close by the 2008 second quarter.

Its chief executive, Alexander Rodnyansky, said in a statement he expects the deal will increase CTC's exposure to Russia's growing TV advertising market.

The seller, Modern Times Group, owns approximately 40 percent of CTC Media stock.

Based in Moscow, CTC Media owns the CTC television network, which broadcasts to more than 350 affiliate stations, 19 of which are CTC owned-and-operated. It also owns the Domashny television network that broadcasts to more than 230 affiliate stations, 13 of which are CTC owned-and-operated.