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[timhyma]

3:59 am CTC Media receives non-binding offer from UTH Russia for the purchase of a 75% interest in co's Russian business operations (CTCM) : CTC Media (CTCM) announced developments in connection with its response to the amendment to the Russian law "On Mass Media", which will impose further restrictions on non-Russian ownership of Russian television companies beginning January 1, 2016.

•The Company has received a formal, non-binding offer from UTH Russia, a privately held Russian commercial television broadcasting group, for the purchase of a 75% interest in the Company's Russian (and Kazakhstan) business operations.

•Pursuant to the non-binding offer, UTH would acquire a 75% interest in the Company's operating businesses, on a cash- and debt-free basis, for $200 million in cash.
•Following this transaction, the direct and indirect ownership of the group's operating businesses in Russia would comply with the Russian law requirement that at least 80% of the ultimate beneficial ownership and control of the businesses is held by Russians by the stated deadline of January 1, 2016.