Media Alliance, a Russian joint venture in which Discovery Communications Inc. holds a 20% stake, has closeda deal to buy Turner's assets in Russia, The MoscowTimes reported May 5, citing RBC newspaper.
Pursuant to the deal, Media Alliance will have license to marketand distribute children's networks CartoonNetwork and Boomerangand news channel CNNin Russia. The deal value has not been disclosed.
Turner sold its Russian assets to comply with the country's newmedia ownership laws limitingforeigners to ownership of no more than 20% of Russian media outlets. Media Alliancewas formed by Discovery and privately held Russian media holding company NationalMedia Group to distribute Discovery's channels in Russia following the law change.
Turner is owned by TimeWarner Inc.