CTC Media Announces Expansion Into Moldova

CTC Media, Russia's leading independent media company, announced today that it has completed the acquisition of a 51% interest in the broadcasting group: "Teledixi" SRL and "Muzic Ramil" SRL in Moldova for $4.1 million in cash. The channel is expected to re-launch in CTC format during the fourth quarter of 2008, Info-Prim Neo quoted a communique by CTC. Commenting on the acquisition, Anton Kudryashov, Chief Executive Officer of CTC Media, said, "We are pleased with the opportunity to broaden the reach of the CTC Media brands and strengthen our position among the countries of the former Soviet Union. Moldova is a country with a growing economy and the potential for future growth in the television advertising market." Dan Lozovan, General Director of "Teledixi" SRL, said, "Our partnership with CTC Media allows us to meet our viewers' expectations with regard to high quality content. I am optimistic that the combination of our successful local production and CTC's proven programming will enhance the channel's appeal to both viewers and advertisers." CTC Media is a leading independent media company in Russia with Modern Times Group (39%) Alfa Group (26%) as strategic shareholders. "Teledixi" SRL and "Muzic Ramil" SRL started broadcasting in Moldova in 2001. Currently the Company owns broadcasting licenses for 10 cities, including Chisinau.