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RTRS, Sistema Bargain for Kosmos
State-run Russian TV/Radio Networks (RTRS) will probably buy out from AFK Sistema 50 percent in Moscow Kosmos TV operator of cable television, RTRS chief Gennady Sklyar announced during the press conference in Ostankino.
But the bargaining for 50 percent in Kosmos TV isn’t easy, Sklyar said. “For its asset, Sistema wants roughly $7 million. We think this appraisal of the stake overestimated at least twice.” People in RTRS said they were ready to materially step up the yield of Kosmos TV by introducing new services, but refused to give any details.
AFK Sistema President Alexander Goncharuk confirmed the negotiations. “We have offered to RTRS either to sell to us its stake in Kosmos TV or to buy out our stake.”
Kosmos TV is Moscow oldest operator of the pay-TV. It has been working since 1991 and its signal is received in direct visibility of Ostankino Tower and in nearest Moscow region. AFK Sistema holds 50 percent in Kosmos TV and RTRS owns the remainder. IKS-Consulting estimated 2006 revenues of the company a touch over $10 million (19 percent up on year), while its subscriber base was roughly 50,000 as of early this year.
The negotiations of RTRS and Sistema that bought out 50 in the operator from U.S. Metromedia International Group four years ago have been underway for a few years, to no avail yet.
www.kommersant.com
All the Article in Russian as of Nov. 12, 2007
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