Report: Abramovich to sell 4% in Russia’s Channel One to respect law

MOSCOW, Jun 25 (PRIME) -- Russian tycoon Roman Abramovich, who has recently became an Israeli citizen, will sell 4% out of his stake 24% in Russian nationwide Channel One to comply with a law on mass media, business daily RBC reported late on June 22 on its website, referring to several sources.

Under the mass media law, in force since January 2016, foreign citizens or people with dual citizenship are forbidden to own more than 20% of firms-media founders directly or indirectly.

Abramovich, who is Russia’s 11th richest businessman, according to the Forbes 200 list with a fortune of U.S. $10.8 billion, owns Channel One via firm ORT-KB. The Russian government controls 51% of Channel One.

The billionaire’s 4% stake will be purchased by one of the channel’s current shareholders, with the National Media Group, currently holding 25% of the asset, being the most probable buyer.

“Individual owner (Roman Abramovich) can decide what to do with his stake to respect requirements of the law fully,” said Denis Lazarev, an advisor to head of the Federal State Property Management Agency.

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