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. Last Updated: 07/27/2016

Rambler Selling Its Television Unit

Rambler Media, which controls Russia's second-biggest Internet search engine, is selling its television unit to concentrate on the Internet division, its main revenue generator.

Rambler Media is selling Rambler-TV, with a license to broadcast across Russia, to a subsidiary of Vladimir Potanin's Prof-Media holding, the Moscow-based company said in a statement. Rambler said it would disclose the value of the deal when it is completed.

Deutsche UFG said it expected Rambler to collect at least $13 million.

Rambler competes with and and gets most of its earnings from advertising fees generated by web sites. Unprofitable Rambler-TV is present in more than 470 towns and cities with a reach of 40 million people.

"Our strategic focus is to accelerate the development of our Internet assets and further consolidate our market-leading position on the Russian-language Internet market,'' Rambler CEO Irina Gofman said.

(Bloomberg, MT)