VTB sold its stake in STS Media

Until March of this year, VTB ceded to the National Media Group its stake in the STS Media holding, which manages the entertainment channels STS and Domashny. The buyer reported

After the end of the reporting year, the National Media Group bought out 45% of JSC Media Investments from the second shareholder, according to the financial statements of the HEAD JSC National Media Group for 2021, which RBC has read. Explanations to the reporting were signed by the CEO of the National Media Group Svetlana Balanova on March 1, 2022.

Media Investments is the company through which the National Media Group owns the STS Media holding. VTB Group was the second shareholder through JSC Clients Strategy Result.

On February 24, 2022, the day the military special operation in Ukraine began, VTB was included in the UK sanctions list, and then the US , which led to the blocking of its assets in the US, a ban on DOLLAR transactions and transactions with American counterparties.

After that, VTB announced the reduction of its participation in several assets at once: the share in Post Bank became less than 50%, and a controlling stake in the Dynamo football club was also transferred. The next day, February 25, it became known that the bank, during the additional issue, also reduced its stake in Demetra Holding, which combines grain assets.

The repurchase of shares of Media Investments took place as part of the planned consolidation of the package and before the imposition of sanctions, a representative of the National Media Group said. The press service of VTB declined to comment.

VTB gave away a stake in the Dynamo football club after the sanctions Sport

CTC Media manages the entertainment channels CTC, Domashny, Che, CTC Love and CTC Kids. According to the results of the first four months of this year, according to Mediascope's measurements, STS ranked sixth among the most popular channels in major cities, Domashny ranked seventh. The total average daily share of CTC, Domashny, Che and CTC Love among viewers older than four years in January-April was 9.6%. For comparison: the same total figure for the six entertainment channels of Gazprom-Media (TNT, TV3, Friday, etc.) is 9.2%.

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The National Media Group did not indicate in its reporting the amount for which it acquired 45% of Media Investments. Only the nominal value of the package is mentioned - 450 thousand rubles.

In December 2018, when the National Media Group and VTB bought 75% of STS Media from Ivan Tavrin through Media Investments, 18 billion rubles were paid for this package. ($269 million at the exchange rate of the Central Bank on the day of the transaction). Then VTB noted that the bank would not manage STS Media, this would be done by the National Media Group.

Ivan Tavrin lost control over STS, Domashny and Che TV channels Technology and media

Tavrin acquired the STS Media package at the end of 2015. In January 2016, amendments to the law “On Mass Media” came into force, which prohibited foreigners from owning more than 20% in the founding companies of Russian media. Therefore, the Swedish Modern Times Group, at that time the majority shareholder, and the holders of CTC Media securities then traded on NASDAQ were forced to part with the shares of the television holding. Tavrin, together with his then partner Alisher Usmanov, paid $ 193 million for 75% of STS Media (about 14 billion rubles at the exchange rate of the Central Bank on the day of the transaction).

How they bought 75% of CTC Media in 2018

To purchase 75% of STS Media from Tavrin, a loan was needed, according to the statements of Media Investments JSC for 2019. As early as December 19, 2018, this company received a loan from an “individual Kolbin V.P.” in the amount of 12.3 billion rubles. “for the purpose of acquiring an investment in STS Media LLC. Already on December 29, 2018 (the day after the transfer of ownership of the CTC Media package) was 6.8 billion rubles. from the raised amount were repaid. The remaining 5.5 billion rubles. "Media Investments" undertook to pay by the end of 2023, the interest rate was 16%.

"Media Investments", having received the ownership of 75% of "STS Media", attracted a loan from the acquired company for the same 12.3 billion rubles. at an interest-free rate.

On February 10, 2020, the owner of 75% of the television holding received 930 million rubles. an interest-free loan from the STS Media structure, and on February 11, 938.8 million rubles were transferred to Kolbin. and thereby repaid interest for the period from December 19, 2018 to December 31, 2019.

The remaining 25% of CTC Media, according to the Unified State Register of Legal Entities as of December 30, 2021, belongs to the Cypriot Telcrest Investments Ltd. She became a co-owner of the television holding in the summer of 2011, having bought out a share from Alfa Group for $1.07 billion. In 2014, when the US imposed sanctions on this bank, associated investment company Abros and Yuri Kovalchuk, Telcrest was also sanctioned.

In 2015, it became known that VTB became a shareholder of Telcrest. His share in the Cypriot company could then be 30.1%, and indirect in CTC Media - 7.6%. Other co-owners of Telcrest then were listed directly as Rossiya Bank, Alexey Mordashov, Surgutneftegaz and the National Media Group.

The press services of the National Media Group and VTB did not specify whether they now retain a stake in Telcrest. RBC sent inquiries to representatives of Mordashov, Surgutneftegaz and Rossiya Bank.

What is known about the National Media Group

The holding, whose assets include REN TV, Channel Five and STS Media, was created in 2008 by combining the media assets of Rossiya Bank, Alexei Mordashov, Surgutneftegaz and SOGAZ.

At the moment, the structure of shareholders of the parent JSC "National Media Group" (NMG) is unknown. As of December 31, 2016, 23.975% belonged to Surgutneftegaz, 21.219% to SOGAZ, and 26.21% to Alexey Mordashov. This information is provided in the reporting of JSC "Newspaper" Izvestia "for 2016.

In the spring of 2016, it also became known that 7.5% of the National Media Group for 11.2 billion rubles. acquired the Gazprom-Media holding. RBC sent a request to Gazprom-Media.

In 2018, Surgutneftegaz transferred its stake to an unnamed third party. SOGAZ, in its reporting for 2020, confirmed that it remains the owner of 21.2% of the National Media Group.

In its latest financial statements for 2021, the National Media Group does not disclose the composition of the board of directors. The previous one indicates that, in particular, as of December 31, 2020, it included the president of the group, Kirill Kovalchuk (since 2016, has been under US sanctions), and Alina Kabaeva was the chairman of the board (since 2022, under sanctions from Great Britain, CANADA and the EU ).

In May 2022, a source close to Alexei Mordashov told BLOOMBERG that the businessman, who fell under EU sanctions, had left NMG's capital. In June, the United States also included Mordashov in its sanctions list.

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