Modern Times Group, (MTG), an entertainment broadcasting group, has acquired 50 percent of Raduga Holdings (Raduga) from Continental Media for an undisclosed consideration in cash. Raduga is the sole owner of LCC DaoGeoCom, which operates Russian nationwide DTH satellite pay-TV platform Raduga TV.
The remaining 50 percent interest in Raduga has been retained by Continental Media The two owners will share management control of Raduga, which will be proportionately consolidated by MTG and reported in the group’s pay-TV emerging markets business segment within the Viasat Broadcasting business area.
According to MTG, Raduga TV was launched in February 2009 and had 70,000 active subscribers as at 31 December 2009. The platform offers a package of more than 50 TV channels, including a wide range of Russian channels, as well as the localized versions of international channel brands.
MTG has said that the Raduga TV channel package is priced at RUB 300 (approximately $10) per month on a three or six month pre-paid contract basis. The channels are encrypted with the Irdeto conditional access system and made available through the Asian Broadcasting Satellite ABS-1 (75° East) Northern Beam, which covers more than 90 percent of the Russian Federation and is managed by Russian satellite operator GeoTelecommunicatons.
Hans-Holger Albrecht, president and CEO of MTG, said: “We are delighted to have forged this strong partnership to develop a competitive pay-TV distribution platform in Europe’s largest market by number of TV households.
“Our Viasat channels are already well known by subscribers across Russia. We are an integrated TV broadcaster, operating free and pay-TV businesses across multiple markets, and Russia is one of the most attractive pay-TV markets in the world.”
Will MTG benefit with the acquisition of Raduga?
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