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Walt Disney may abandon investment in Russia

November 27, 2014, 18:18 UTC+3 MOSCOW
Due to the recently adopted law on foreign ownership in Russian media, the company may be forced to decrease its presence in Russia by January 2016.
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© AP Photo/Reed Saxon

MOSCOW, November 27. /TASS/. US company Walt Disney may decrease or even abandon investment in Russian mass media in the wake of a recent law on foreign interest in mass media, which restricted it to 20%, the company said in a report sent to the US Securities and Exchange Commission Thursday.

Due to the recently adopted law, the company may be forced to decrease its presence in Russia by January 2016. The company is assessing its possibilities in the framework of the new regulations and depending on the assessment will make a decision to cut or halt investment, the company said.

In 2011, Walt Disney purchased a 49% stake in the Semyorka TV channel for $300 million. The remaining 51% of the channel is owned by Alisher Usmanov’s UTH Russia.

The law will come in force from January 1, 2016. Mass media owners must draw all corporate activities in compliance with the law by February 1, 2017, and new documents on owners and founders must be filed to the communications watchdog by February 15, 2017.

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