Russia's CTC gets NASDAQ listing


LONDON -- Russia's fourth-biggest television network, entertainment group CTC Media, won a coveted blue-chip listing on the U.S. NASDAQ stock exchange Thursday.

Moscow-based CTC Media -- which broadcasts two Russian entertainment channels, CTC and Domashny, via a network of 340 affiliates and 17 wholly owned stations -- said it has qualified for NASDAQ's Global Select Market "as a result of meeting NASDAQ's most stringent listing standards."

CTC's stock will trade under the symbol CTCM.

Said Alexander Rodnyansky, president and CEO of CTC Media: "We are pleased to have achieved NASDAQ's highest listing standards, which enables our shares to be traded alongside NASDAQ's top-tier companies."

"Our selection to the highest tier of all NASDAQ-listed companies highlights our commitment to corporate governance and our strong financial position," he added. "We expect our inclusion will increase CTC Media's market visibility as we continue to execute our growth strategy."

CTC was founded in 1989 and has been broadcasting in Russia since the mid 1990s. It went public last year.