Tuesday, December 29, 2015

Viacom Forms Joint Venture With Legacy Media To Comply With Amended Russian Media Law

Variety is reporting that Viacom International Media Networks, which operates Viacom channels such as MTV and Nickelodeon around the world, has restructured its television business in Russia.

VIMN has entered into a new partnership with Legacy Media so that the business complies with the amended Russian Mass Media Law, which will take effect on Friday 1st January 2016. The law sets the maximum foreign stake in Russian mass media companies at 20%. A new joint venture between VIMN and Legacy will operate the 12 pay TV channels in Russia which were previously owned and operated by Viacom International Media Networks (VIMN) Russia, CIS, Ukraine and Baltics alone.

"Since entering the Russian market in 1998, VIMN's local operations have grown strongly with all four of its core global brands - MTV, Nickelodeon, Paramount Comedy (Comedy Central) and Paramount Channel - now firmly established," VIMN said in a statement.

"VIMN and Legacy Media are committed to providing Russian TV viewers with the best in children's, comedy, music and general entertainment programming and film, and will continue to build on the strong recent performance of these brands."
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