Russian TV market facing decline

Most major channels cutting budgets

MOSCOW -- The Russian TV series market is expected to decline by one-third to $300 million in 2009 as TV channels cut budgets.

According to Russian business daily Kommersant on Friday, most major Russian TV channels have said they will either cut back on buying TV series content next year or pay less.

Anton Kudryashov, CTC Media CEO said during a teleconference Thursday that TV channels will seek to up to 40% less for content next year.