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Latest Satellite News Discussion, CTC Media settles dispute at General Satellite News forum; CTC Media settles dispute By Chris Dziadul December 22, 2009 08.19 UK Russias CTC Media has finally settled its dispute ...

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CTC Media settles dispute - 22-December-2009, 12:40

CTC Media settles dispute

By Chris Dziadul
December 22, 2009 08.19 UK

Russias CTC Media has finally settled its dispute with Alexander E. Rodnyansky, the companys former CEO, president and non-executive director. According to the terms of the settlement, Rodnyansky has resigned from CTC Medias board of directors with immediate effect.

He has also forfeited one third of the stock appreciation rights granted to him in 2003 and one third of the vested stock options granted in 2006.

The company will settle the remaining stock appreciation rights by issuing Rodnyansky with 2,072,533 common shares and paying him $25.9 million (18.1 million) in cash.

CTC Media filed complaints against Rodnyansky in two US courts last December, claiming he was offering his services to a competitor. According to CTC Media, the settlement does not constitute an admission of liability by any party.

CTC Media, which is backed by Swedens MTG, is one of the leading commercial broadcasters in Russia.



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