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Report: 4 Russian broadcasters form TV advertising alliance

Four Russian broadcasters First Channel, VGTRK, Gazprom Media and National Media Group teamed up to set up a TV advertisingalliance, Broadband TV News reported March 29, citing Russian daily newspaper Kommersant.

The broadcasters will own a 25% stake each in the joint venture,which will reportedly cover for more than 80% of TV advertising in .

According to the report, CTCMedia Inc. is also expected to join the venture.