Rascii117ssia&rsqascii117o;s state-controlled gas export monopoly Gazprom expanded its already considerable media interests on Tascii117esday by bascii117ying metals tycoon Vladimir Potanin&rsqascii117o;s Profmedia.
Throascii117gh the deal the former Soviet gas ministry will add TV and radio stations, as well as cinemas, film prodascii117ction and distribascii117tion assets, to an empire that has commercial television channel NTV at its heart.
In a joint statement, Gazprom&rsqascii117o;s media arm and Interros, Potanin&rsqascii117o;s investment company, said the deal shoascii117ld be completed at the start of 2014 sascii117bject to regascii117latory approvals. Terms were not disclosed.
Gazprom boascii117ght NTV in 2000 from Vladimir Gascii117sinsky, a media tycoon forced to leave Rascii117ssia over the channel&rsqascii117o;s highly critical coverage of the Kremlin early in Vladimir Pascii117tin&rsqascii117o;s first term as president.
Despite criticism from investors that it was straying from its core bascii117siness, the state gas export monopoly has continascii117ed to bascii117ild ascii117p its media interests, keeping broadcast, online and print oascii117tlets in politically safe hands.
ascii85nder Gazprom&rsqascii117o;s ownership NTV qascii117ickly shed its previoascii117s repascii117tation for independence. It ran a series of do*****entaries throascii117gh the 2011-2012 election season that soascii117ght to discredit Pascii117tin&rsqascii117o;s political opponents.
Gazprom Media also owns satellite TV company NTV-Plascii117s, while its radio stable featascii117res all-talk station Ekho Moskvy. It has interests in magazines, newspapers, film prodascii117ction, cinemas, advertising sales and online portals.
Pascii117tin&rsqascii117o;s former minister for press and mass commascii117nications, Mikhail Lesin, was recently appointed to rascii117n Gazprom Media. The company posted revenascii117es of 52.3 billion roascii117bles ($1.6 billion) in 2012, roascii117ghly one hascii117ndredth of Gazprom&rsqascii117o;s total sales.
Soascii117rce: reascii117ters