The media group Media3 has purchased a blocking minority stake in TV music and entertainment channel O2TV for about $2 to $4 million with an option to acquire a controlling stake within two years, reported Slon.ru.
Launched in July 2004, O2TV has a weekly audience of 0.4 million with a total reach of 36 million. Its audience is mostly male of 18-35 years old. O2TV reported revenues of $2.4 million and net loss of $4.3 million in 2008.
Founded in 2007, Media3, which is owned by PromSvyazInvest, holds majority interests in major Russian daily newspapers AiF, Trud, Extra M Media, CenterPlus, online portal Homepage.ru as well newspaper distribution and printing businesses. The assets owned by Media3 generated sales of 14 billion Rubles ($540 million) in 2008.