RMG.L Regulatory News (RMG)

26 Oct 2006 15:04

RAMBLER MEDIA ANNOUNCES PRICE AGREEMENT FOR SALE OF TV BUSINESS Rambler Media Limited ("Rambler Media" or "the Company"), a leading provider ofinternet and multimedia services to the global Russian-speaking community, todayannounces that final negotiations with respect to interim funding arrangementshave officially been agreed and that Rambler Media will receive a considerationof US$23 million in cash for the sale of its TV business 'Rambler TV' to OsgoraProductions Limited, a 100% subsidiary of Prof-Media, a Russian media holdingcompany. The transaction will take effect at completion, which will be onlyafter the receipt of regulatory approvals. A further announcement will be madeat completion. The disposal, which was announced on 24 October 2006, reflects Rambler Media'sstrategy to concentrate on growing its core Russian language internet business,which generates the majority of the Company's total revenue. The sale proceedswill be used by Rambler Media to pursue its growth strategy, which may includethe selective acquisition of cash-generative businesses that complement RamblerMedia's core internet business activities. For further information, please visit www.ramblermedia.com or contact: \* TRambler Media Shared Value LimitedIrina Gofman Nicolas DuperrierTel. +7 495 500 3826 Tel. +44 (0) 20 7321 5010 rambler@sharedvalue.net ING Wholesale BankingDaniel FriedmanWilliam MarleTel. +44 (0) 20 7767 1000 Prof-MediaKonstantin Vorontsov+7 495 787 5335kvorontsov@profmedia.ru\* T ABOUT RAMBLER MEDIA Rambler Media is an integrated and diversified Russian language media,entertainment, services and content delivery company which operates variousinternet properties including the leading Russian language internet portal andsearch engine 'rambler.ru', on-line newspaper 'Lenta.ru', broadband ISP 'RamblerTelecom', interactive advertising company 'Index20', and mobile content serviceprovider 'Rambler Mobile'. Rambler Media's shares are traded on the AIM marketof the London Stock Exchange under the symbol 'RMG'. For more information onRambler Media, visit our corporate website at www.ramblermedia.com. ABOUT PROF-MEDIA Prof-Media holding was established in 1997 and today it is one of the largestand most diversified media holdings in Russia, one of the leaders in thenewspaper, magazine, radio and cinema markets, with a consolidated turnovertopped US$240 million in 2005. The holding is a major private investor in the Russian cinema industry,operating a nationwide cinema exhibition chain 'Cinema Park' along withproduction and distribution company 'Central Partnership'. The holding owns acontrolling stake in newspaper company 'Komsomloskaya Pravda', a magazinepublishing house 'Afisha', and a b2b publisher 'B2B Media'. Prof-Media runs fourFM-frequency radio stations, a number of internet portals and community builderssuch as 'Afisha.ru' and 'E-xecutive.ru', and TV-channel '2x2', that will hit theair in April 2007. For more information on Prof-Media, visit the corporatewebsite at www.profmedia.ru. Certain statements within this announcement constitute forward lookingstatements. Such forward looking statements involve risks and other factorswhich may cause the actual results, achievements or performance of the Companyto be materially different from any future results, achievements or performanceexpressed or implied by such forward looking statements. Such risks and otherfactors include, but are not limited to, general economic and businessconditions, changes in government regulations, and court interpretations of suchregulations, currency fluctuations (including the US$/Rbs rate), competition,changes in development plans. There can be no assurance that the results andevents contemplated by the forward looking statements contained in thisannouncement will, in fact, occur. Any forward looking statements made in thisannouncement represent management's best judgment as to what may occur in thefuture and are correct only as at the date of this announcement. The Companywill not undertake any obligation to release publicly any revisions to theseforward looking statements to reflect events, circumstance or unanticipatedevents occurring after the date of this announcement except as required byapplicable law or by any applicable regulatory authority. Copyright Business Wire 2006