| Other Photos |
 |
|
 |
Renova after 3 Mill. Moscow Subscribers
The Renova Media holding will create a network in Moscow to provide telephone, television and Internet service for 3 million subscribers. Sberbank will provide a credit of 6 billion rubles ($245.6 million) in the next year to Renova Media and its subsidiary Komkor, known by the brand name Akado. That credit be extendable to seven years. The company will invest 4 billion rubles in the development of the network in 2008 to increase its broadband subscribers to 750,000 and its paid television subscribers to 475,000.
Renova Media is the owner of Moscow Cablecom, to which cable and broadband operator Komkor-TV belongs, as well as 75 percent of the Komkor fiber optics network, 50 percent of the Belarusian Kosmos TV, Ortikor in Ekaterinburg, Neva in St. Petersburg, and other companies. Its receipts in 2006 were $200 million. The Renova Group owns 51 percent of Renova Media. The remaining 49 percent belongs to chairman of the board Yury Pripachkin.
Renova Media announced at the beginning of the year that it would consolidate its Moscow companies, which included Corporation.EXE and MiG Telecom, into Akado. The network formally has 2.5 million apartments but they receive various services, some of which are outdated. A unified network will be in place by the end of next year.
Observers note that the market for providers is saturated in Moscow. Another possible obstacle to Renova Media's plans could be conflict with the city administration. The city won a court case against the company over a stock issue that diluted its share in Komkor from 25 percent to 12.5 percent. As a result, Renova Media's share in the company may be reduced from 75 percent to 50 percent.
www.kommersant.com
All the Article in Russian as of Dec. 17, 2007
|
|
|
