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Kabayeva, 31, stepped down as lawmaker to head the National Media Group, one of Russia’s largest private media holdings.
"Alina Kabayeva who headed the public council of the National Media Group for six years has accepted the offer to become the holding's board chairman," Kabayeva's spokesman said.
Under the Russian law, she cannot combine lawmaking activities with the position of the holding's chairman.
Kabayeva, a member of the ruling United Russia party, was first elected to the State Duma in 2007.