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. Last Updated: 07/27/2016

Media IPO Disappoints as Stocks Slump

CTC Media, which controls the country's fourth-largest television network by market share, and its owners raised $345.9 million in an initial public offering, less than initially sought, after emerging stock markets slumped last month.

The approximately 24.7 million share offering sold for $14 per share, compared with a lowered forecast range of $13.50 to $15.50. The company had previously filed with the U.S. Securities and Exchange Commission to sell 29.4 million shares at $16 to $18.

CTC, whose signal reaches nearly 100 million people, was founded in 1994 by California entrepreneur Peter Gerwe and modeled after U.S. television networks.

The company broadcasts entertainment programming exclusively and has grabbed a market share of over 10 percent with a diet of dubbed foreign films and soaps.

(Reuters, Bloomberg)