Viacom sells Russia MTV, VH1 channels
Monday, June 4th, 2007

Russian media group Prof-Media said on Monday it had bought MTV Russia and VH1 Russia for about $360 million cash to expand its reach in free-to-air entertainment broadcasting.

US media conglomerate Viacom Inc owns 53 percent of the company that controls the channels, while 42 percent is owned by Russia Partners and 5 percent by the European Bank for Reconstruction and Development.

MTV said it would continue to grant an exclusive license for MTV and VH1 programs and related Web sites in Russia.

(Source: Reuters)