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. Last Updated: 07/27/2016

Gazprom to Sell Media Holdings

Gazprom will sell off its media assets by the end of this year as part of broader efforts to get rid of loss-making subsidiaries, a company official said Friday.

In announcing the media sell-offs, Alexander Krasnenkov, head of Gazprom's assets management department, did not say who likely buyers might be.

"The company's withdrawal from media companies is a multi-stage one and some stages are over already. The management plans to take this process to its logical outcome by the end of the year," he told Itar-Tass.

Krasnenkov said it was part of an overall plan to sell noncore assets worth a total of 20 billion rubles ($640 million).

He did not say how much the media assets were worth.

Gazprom has long said it planned to sell or restructure the media holdings.