Khoroshkovsky to remain owner of Inter Media Group, Inter major shareholder

Valeriy Khoroshkovsky has since 2006 owned a controlling stake of 61% in private JSC Inter TV Channel through Ukrainian Media Project LLC, Inter Board Chairman Yaroslav Porokhniak said at a press conference at Interfax -Ukraine on Monday.

According to him, another 29% stake belongs to Russia's TV Channel First and 10% to the widow of Inter founder Ihor Pluzhnikov (through Pegasus Television LLC).

"Channel First is involved in the management of Inter through participation in shareholders' meetings. It has no influence either over the editorial policy, or program scheduling, or information broadcasting," said Porokhniak.

According to materials provide by the board chairman, in September this year the only owner of Ukrainian Media Project LLC, Cypriot company U.A. Inter Media Group Limited, was renamed as Inter Media Group Limited, but its owner is still K.H. Media Limited: this company owns 5,500 of the 5,502 shares (2 more shares belong to Cyprus-based Ionics Nominees Limited).

In accordance with these materials and the words of Porokhniak, the owner of K.H. Media Limited with a 100% stake is Cyprus-based K.H. Steel Industry Limited, which, in turn, 100% belongs to Belize-based K.H. Management Limited of Valeriy Khoroshkovsky, which was established in 2006.

Inter Media Group includes the TV channels of Inter, Inter+, NTN, K1, K2, Enter, Enter-Film, Mega, MTV Ukraine, and other production and marketing companies.

Inter TV Channel is the most popular channel (with a share of 14-16% over the recent months.) Its net income in 2011 increased by 30.9%, to UAH 744.77 million, almost returning to the level of the pre-crisis year of 2008. Its net loss last year fell by 29.5%, to UAH 137.63 million.

In the first half of 2012, the TV channel saw a net income of UAH 446.840 million and a net loss of UAH 95.34 million.