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.
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