OREANDA-NEWS. December 11, 2014. CTC Media Inc. (“CTC Media” or the “Company”) (NASDAQ: CTCM), a leading Russian independent media company, announced that it has appointed international bank UBS as its financial advisor and professional services company KPMG LLP as its tax advisor.

Both firms will advise CTC Media on its response to recent amendments to the Russian Federation’s “On Mass Media” law, which will impose further restrictions on foreign ownership of mass media assets in Russia.

The CTC Media Board of Directors previously established an advisory committee consisting of non-executive directors, which is in the process of evaluating the potential actions that the Company may take, in order to comply with the amendments.

CTC Media has also previously announced the engagement of Morgan, Lewis & Bockius LLP and Egorov Puginsky Afanasiev & Partners as legal advisors, and Habif, Arogeti & Wynne as its tax advisor in connection with the same process.

Yuliana Slashcheva, Chief Executive Officer of CTC Media, said, “The engagement of UBSand KMPG, as well as the appointment of our new Chief Legal Officer, further strengthens the team that will support the CTC Media management team and the Board in analyzing and deciding on the potential actions to be taken in response to the amendments to the mass media law. We are working together to establish solutions that will enable us to comply with the law and protect the interests of our stakeholders.”