News Corporation sells Russian radio stations
07 Apr 2010
News Corporation, the media conglomerate controlled by Rupert Murdoch, said today that it will sell its Russian radio stations to Vitaly Bogdanov, Russian senator and former co-owner of radio broadcasting holding Russian Media Group, for an undisclosed sum.
News Corporation said the sale includes Nashe Radio Moscow, Best FM, Ultra and Nashe Radio St Petersburg.
Under the terms of the agreement, Bogdanov will acquire 100 per cent of the four radio stations.
Nashe Radio was launched in 1998 and is the number one commercial station in Moscow for 18-34-year-olds.
Nashe Radio St Petersburg and Radio Ultra Moscow were both launched in 2001 while Best FM was launched in Moscow in 2004.
Murdoch had been trying to sell his Russian holdings since July 2008 since he feared that the Russian government might take over his successful business in the country.
"We have an excellent growing business there, but the more I read about investments in Russia, the less I like it. And the more successful we are, the more vulnerable we will be if our business gets stolen," he told Vedomosti.
Two local rival stations had offered to buy News Corporations Radio assets in Russia, but the deals had failed since Murdoch was seeking $16 million for the stations.
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