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VTB buys 20% in Channel One from company owned by Roman Abramovich

The bank does not disclose commercial terms of the deal

Roman Abramovich EPA-EFE/ANTHONY ANEX

Roman Abramovich

© EPA-EFE/ANTHONY ANEX

MOSCOW, March 7. /TASS/. VTB Capital, an investment arm of the VTB Group, purchased the stake held by businessman Roman Abramovich in the Channel One TV company through acquisition of 20% stock from ORT-KB company, press service of the bank told TASS on Thursday.

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"VTB Capital purchased 20% of shares in AO Channel One from ORT-KB company owned by Roman Abramovich. Hence, the participation interest held by ORT-KB was redeemed in full. The deal on acquisition of the company’s stake is part of the successful direct investment business of the VTB Group, comprising the media segment," the press service said.

VTB does not disclose commercial terms of the deal.

"The Channel One has monumental positions on the market. The occurred digital transformation of mass media unveils new opportunities for the TV channel and we believe in success of management efforts for further digitalization of the channel and development of the digital content," the press service said, citing First Deputy CEO of VTB Yuri Solovyov.

A spokesperson of Millhouse Company owned by Abramovich confirmed the sale of the businessman’s stake in the Channel One.

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