Gazprom Media Estimated to Be Worth $700 Million
Gazprom yesterday completed a deal to transfer its media assets to its subsidiary Gazprombank in exchange for 100 percent of the stock in Gazoenergeticheskaya Co. The value of its media assets were estimated at more than $700 million. Experts say that Gazprom's desire to transfer those assets to its subsidiary is related to the liberalization of Gazprom stock. Gazoenergeticheskaya Co.'s main asset is 5.3 percent of the stock in RAO UES of Russia.
Gazprom Media is the largest non-state-owned media holding in Russia. It includes controlling packages in NTV, NTV Plus and TNT television channels, several radio stations, including Ekho Moskvy, and the Seven Days publishing company. The consolidated income of the holding's companies in 2004 was $556 million.
A source in Gazprom said that the deal is not an actual purchase-sale, but rather an exchange of stocks. Gazprom's media assets thus cost the same as 5.3 percent in RAO UES of Russia, which, at current market prices, is $730 million. The source said that Gazprom also ceded the right to the debts to the media companies to Gazprombank. The size of those debts was not specified.
All the Article in Russian as of Aug. 11, 2005
|
