Russia’s Sistema Mass Media (SMM) will be transformed into a private equity fund and change its name in early 2016.
Quoted by Vedomosti and AKTR, its president Gulnara Khasianova said that Alexey Katkov would head the fund, with her being on the board of directors and participating in the management.
Significantly, the new fund will invest exclusively in technology projects. Moreover, it will dispose of SMM’s media assets.
These include Stream, which controls nine non-terrestrial pay-TV channels, and satellite TV operator CTV, both of which, says one source, have already been sold to MTS.
SMM is one of the longest established media companies in Russia, having been formed in the early 1990s.
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