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. Last Updated: 07/27/2016

06/26/1998

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Another Oligarch Moves Into TV Market

Another financial empire announced its entry into Russia's highly politicized television market Thursday -- but to make money, not fight election battles, company officials said. The creation of Alfa TV nonetheless mirrors a very familiar pattern: a powerful business entity -- in this case, the Alfa Group of elite bankers Pyotr Aven and Mikhail Fridman -- acquires a media property, in this case the second-tier CTC network. The new company is being created by Alfa Group along with StoryFirst Communications, a U.S. media investor that owns youth-oriented CTC, and Russian advertising giant Premier SV. The crucial question raised by the alliance is how much of it is politics and how much is business. Company officials were emphatic Thursday that they intend to invest and grow, not meddle in the propaganda wars fought by other financial-media structures.

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