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. Last Updated: 07/27/2016

Gazprom Media Plans

MOSCOW -- Russian gas company Gazprom intends to form a media holding company, Gazprom-Media, which may control Gazprom stakes in federal and regional media institutions, said Viktor Ilyushin, a member of the Gazprom board.

"Working on the information market is a specific business," Ilyushin said. "The creation of the holding company will enable us to erase losses and cut costs on our information campaigns when working with the public."

Gazprom-Media will be formed "not to wage propaganda wars or political campaigns, but primarily in the interests of [Gazprom's] own shareholders, the main one being the government."

Gazprom currently holds stakes in the NTV and ORT television companies, the Trud and Rabochaya Tribuna newspapers, the Prometei television and radio broadcasting company and other media sources. The Gazprom board of directors will make a final decision on the formation of the media holding company at the end of October.