‘Putin’s personal banker’ Kovalchuk to buy CNN Russia as Turner moves out

24/12/2015

Yury KovalchukCNN Russia: Media Alliance the joint venture founded by the US Discovery channel and Russian billionaire Yury Kovalchuk – the businessman and financier dubbed ‘Putin’s personal banker’ – is to buy media mogul Ted Turner’s Russian assets, including the distribution rights to the Russian version of CNN, the Cartoon Network and Boomerang. 
Ted TurnerTurner’s decision to sell up was triggered by Russia’s new media ownership law, which comes into force on January 1 and which limits the stake foreign individuals and companies can own in Russian media to 20%.
“The deal is part of Media Alliance’s strategy. It will allow us to strengthen our offer in the cable TV market,” the company’s general director Olga Paskina said. The deal is expected to go through within the next several weeks.