All shares of KinoStar DeLuxe Cinemas movie theater chain have been sold to Cinema Park. All shares held by Shari Redstone, Paul Heath and UFG Private Equity were sold to ProfMedia, Cinema Park’s parent company. The shares were believed to be valued at approximately $ 100 million. ProfMedia is owned by Russian billionaire, Vladimir Potanin.

Capitalizing on a Russian online video advertising market expected to hit USD 30 million in 2011, ProfMedia has acquired a 25% share of Digital Access for USD USD 3.3 million. The deal gives ProfMedia another avenue for distributing media content to complement its other holdings in television, radio, and film. The investment comes at a time when [...]

KP Media, former publishers of Afisha magazine in Ukraine, is poised to sell the online version of the magazine known as Afisha.ua. The printed version suffered heavy losses in advertising revenue when the Ukrainian government banned alcohol and tobacco advertising in periodicals. KP Media soon put Afisha.ua on the block, and will now sell it [...]

Just months after consolidating a 100% stake in Rambler Media, Russian media and entertainment holding company ProfMedia is looking to sell the business it first acquired in late 2006. ProfMedia’s initial investment gained a 55% stake in Rambler for an estimated USD 250 million; the asking price has been set at around USD 200 million. Late last [...]

Looking to complete the sale of ICQ and put it behind them, AOL has accepted the bids of a limited number potential buyers for the pioneer internet chat service. Though at least seven legitimate offers came in, AOL has narrowed the list of buyers to Russia’s Digital Sky Technologies and ProfMedia, China’s Tencent, and possibly [...]

Just days before being de-listed from London’s AIM, Russian media giantRambler Media received a shareholder notification from Moscow-basedTroika Dialog. The notification states Troika’s interest in acquiring 466,683 ordinary shares in Rambler, on top of what was purchased a week earlier. The shares represent just over 3% of Rambler’s issued ordinary share capital and will be [...]

Russian media giant ProfMedia announced in November of last year its plans to de-list Rambler Media from the London Stock Exchange’s Alternative Investment Market. Now the company is looking to offer up to 40% of its own stock in a London IPO set for April of this year. The offering, which could potentially raise USD [...]