Alisher Usmanov increases 7TV stake

Plans to become sole owner of channel

MOSCOW -- Russian oligarch Alisher Usmanov has increased his holdings in 7TV sports channel from 50% to 83% and said that he intends to buy the remaining 17% of the stock by the end of the year, becoming the channel's single owner.

7TV is a free-to-air channel broadcasting in 500 Russian cities. The value of the deal was not disclosed, but media reports said $180 million-$200 million.

Usmanov also owns the music entertainment channel Muz-TV.