OREANDA-NEWS. On April 17, 2008 CTC Media, Inc. (NASDAQ: CTCM), Russia’s leading independent television broadcaster, announced that it completed the acquisition of the DTV Group from Modern Times Group MTG AB (“MTG”) on April 16, 2008, reported the press-centre of CTC Media.

Alexander Rodnyansky, Chief Executive Officer of CTC Media, said, “We are excited with the opportunity to immediately start integrating DTV into CTC Media. We hope that this will allow us to re-launch the renewed DTV channel by the start of the fall TV season”. 

In accordance with the terms of the acquisition agreement, as amended, CTC Media will pay \\$190 million (approximately half of the total deal consideration) from its current cash balances. The balance is expected to be paid from the proceeds of commercial debt financing by the end of the second quarter 2008. The total cash consideration for the DTV group is \\$395 million, subject to certain balance sheet adjustments.