Attached files
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8-K - 8-K - CTC Media, Inc. | a09-33171_18k.htm |
Exhibit 99.1
CTC MEDIA
FILES LAWSUITS AGAINST
BOARD MEMBER
Moscow, Russia November 9, 2009 CTC Media, Inc. (CTC Media or the Company) (NASDAQ: CTCM), Russias leading independent media company, today announced that it has become aware that its former President and Chief Executive Officer and a current non-executive member of its Board of Directors Alexander E. Rodnyansky - has been involved in the business of one of the Companys competitors in Russia and has acted against the best interests of CTC Media. These activities are in breach of Mr. Rodnyanskys contractual obligations to the Company and his fiduciary duties as a Director of the Company. CTC Media has therefore today filed civil complaints in the Supreme Court of the State of New York for the County of New York and the Delaware Chancery Court against Mr. Rodnyansky, in order to protect the interests of the Company and its stockholders.
In addition, the Companys principal shareholders - Alfa CTC Holdings Limited (Alfa) and MTG Russia AB (MTG) have today issued written notice to Mr. Rodnyansky that they no longer support his remaining as a member of the Companys Board of Directors. Pursuant to Mr. Rodnyanskys agreement with the Company, Mr. Rodnyanskys irrevocable resignation from the Board of Directors will become effective 90 days after the receipt of such notice, which will be on February 7, 2010. Mr. Rodnyansky was appointed to the CTC Media Board of Directors in November 2008.
About CTC Media, Inc.
CTC Media is a leading independent media company in Russia, with operations throughout Russia and elsewhere in the CIS. It operates three free-to-air television networks in Russia - CTC, Domashny and DTV, Channel 31 in Kazakhstan and TV companies in Uzbekistan and Moldova. CTC Media also owns two TV content production companies, Costafilm and Soho Media. The Companys common stock is traded on The NASDAQ Global Select Market under the symbol CTCM. For more information on CTC Media, please visit www.ctcmedia.ru.
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For further information, please contact:
Investor Relations
Ekaterina Ostrova
Tel: + 7 495 783 3650
Ekaterina Tsukanova
Tel: +7 495 785 6333, ext. 5437
ir@ctcmedia.ru
Media Relations
Ekaterina Osadchaya
Angelika Larionova
Tel: +7 495 785 6333
pr@ctcmedia.ru