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MTG to get $123M in CTC Media merger payout

Modern TimesGroup MTG AB will receive $123 million in cash from in the latter'scash-out mergertransaction, according to a May 2 news release.

MTG would have divested its 38% stake in CTC Media after thelatter pays $2.05 per share in the transaction, which is expected to close bymid-May.

The Swedish mediagroup will use the cash proceeds to reduce its debt and finance the developmentof its digital video businesses.

MTG's upcoming exit of its stake in CTC Media comes in linewith new Russianlaws that limitforeign ownership of Russian mass media companies to 20%.