RTL Sells Stake in Russia's National Media Group
The German media giant receives $108 million for its 7.5 percent share in the owner of Russian networks Ren TV and Channel 5.
COLOGNE, Germany – RTL Group has shed its 7.5 percent stake in Russia's National Media Group for $108 million.
The Russian media giant controls local TV networks Ren TV and Channel 5 and has a 25 percent stake in the Russian market leader Channel One.
The sale comes as RTL, and its parent company Bertelsmann, is shifting its focus from Eastern Europe to the Far East, most recently with the planned launch of two branded channels across multiple Asian territories as part of a joint venture with CBS.