VTB Capital buys 20% of Channel One from Abramovich’s firm

MOSCOW, Mar 7 (PRIME) -- Russia’s VTB Capital, an investment arm of VTB Group, has acquired a 20% stake of TV channel broadcaster Channel One from ORT-KB, a firm belonging to tycoon Roman Abramovich, the bank said on Thursday in a statement.

“In such a way, the stake of ORT-KB was purchased fully,” VTB Capital said.

Terms of the deal were not disclosed.

Abramovich, who is also an Israeli citizen, reduced his stake in Channel One to 20% from 24% in 2018 to comply with the mass media law, which bans foreigners or people with a dual citizenship from holding more than 20% of firms-media founders directly or indirectly.

According to earlier reports, the Russian government controlled 51% of Channel One, and private company National Media Group had 25%.

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