CTC Media and National Media Group to Create Joint Video PortalWednesday, November 7th, 2012
MOSCOW — CTC Media, Inc. (“CTC Media” or the “Company”) (Nasdaq:CTCM), Russia’s leading independent media company, and National Media Group (NMG) have announced an agreement to create a joint online video resource on the base of the Videomore portal, which was launched by CTC Media in December 2010.
According to the reached agreement, a significant amount of REN TV and Channel 5 content, including both new releases and library titles, will be made freely available on the Videomore portal, in addition to existing CTC Media content.
Viacheslav Sinadski, CTC Media’s Chief Strategy Officer: “CTC Media has traditionally been ahead of the game when it comes to trends and industry changes, striving to adapt to the evolving market as quickly as possible. We were one of the first in the sector to focus on new media as a strategic segment by creating the Videomore portal. The resource has operated in its original form for almost two years and has met all our expectations in the meantime. These two years have given us invaluable experience and a better understanding of the modern viewer’s demands. We have come to the conclusion that our future success depends on three factors: the availability of high-quality new content, the ability to advertise on television, as well as the overall scale. The first two criteria have always been at our disposal, but we can significantly expand the scale of our business only by attracting new strategic partners including media holdings, TV channels and copyright holders.”
Larisa Prigorodova, NMG’s Chief Deputy CEO: “Our participation in this project can be attributed to the global rapid growth trend in the new media sector. We strive to adapt as quickly as possible to meet the changing needs of our viewers. As a part of the NMG assets development strategy, we understand the need to consolidate video resources on the market. We believe that participation in this project will help us build on our current audience and attract new viewers.”