Moscow-based television broadcaster CTC Media Inc (CTCM), announced that it has signed definitive agreements to acquire 100% ownership in Russian production companies Costafilm and Soho Media for about $50 million in cash payable over three years. Specifically, Costafilm will be acquireed for about $40 million and Soho Media will be purchased for $10 million.
The company also announceed that it is creating an in-house proprietary program rights management and production function, in conjunction with the acquisitions.
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