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Rambler changes ownership in Russia

Rambler [LSE: RMG] has changed ownership this week in a rather dramatic share buy out. Having just sold their TV business ‘Rambler TV’ to Osgora Productions Ltd, a 100% subsidiary of Prof-Media, for US$23m it seems that Prof-Media has come back for the rest of the company.

In a notification sent to shareholders, Rambler made the following comment:

PM Invest Company Limited (“PM”), part of Russian media group Prof-Media, has acquired approximately 48.8% of the Company’s issued and outstanding ordinary share capital. In addition, the Company has also been informed that Endicott Holdings Limited (“Endicott”) has acquired approximately 6.0% of Rambler Media’s issued ordinary share capital.

PM has indicated that it has agreed to acquire this stake from Endicott, subject to the approval of the Russian Federal Antimonopoly Service.

This gives PM (and Prof-Media) 54.8% share ownership and control of the company. Russian billionaire Vladimir Potanin owns Prof-Media and Moscow Times reports that this move is “to tap growth in Internet advertising in Russia”.

Hat tip to Itman for sending in the story.

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Nick Wilsdon

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