Sony Corp production studio Sony Pictures Television and Russian media holding company National Media Group (NMG) have set up a joint venture to operate Sony’s pay television channels in Russia, NMG said on Monday.
According to Reuters, NMG said it was buying 80 percent in a company broadcasting Sony channels in Russia. It did not disclose financial details of the transaction.
It also has a joint venture with Discovery Communications, which operates the Russian versions of the Discovery Networks, Eurosport and Turner channels. In 2016 NMG also struck a partnership agreement with Viasat World.
NMG was set up in 2008 by Bank Rossiya — now under Western sanctions over Moscow’s role in the Ukrainian conflict — as well as metals tycoon Alexei Mordashov and insurance group Sogaz.
Bank Rossiya no longer controls NMG, a leading private media holding in Russia, business daily Vedomosti reported in 2016.
Last year, Russia’s National Media Group acquired a majority (51%) stake in Everest, a sales house previously wholly owned by the broadcaster CTC Media.
At the same time, reports Kommersant, NMG and CTC Media have established three joint businesses, each of which is 51% owned by NMG.
NMG and CTC Media, which was formerly backed by Modern Times Group (MTG), already had ownership links and brought their activities closer together in such areas as sales.
