The media holding estimates its NTV channel at 13.6 billion rubles. The content produced by them, and not just the infrastructure, is becoming increasingly important in the value of the business of broadcasters, experts point out.

In March 2021, JSC Gazprom-Media Holding, the parent company of the holding, bought back almost 158.9 million ordinary shares of JSC NTV Television Company from its subsidiary LLC Aura-Media. With the par value of one share 1 kopeck. for the package within the framework of an internal transaction, they paid 6.95 billion rubles, according to the latest financial statements of the JSC.

As a result, the share of the parent company Gazprom-Media in JSC Telekompaniya NTV increased from 35.52% to 86.52%. Thus, the entire channel in March this year, according to Gazprom-Media, was estimated at 13.6 billion rubles. (about $ 179 million at the exchange rate of the Central Bank on the day of the transaction). This is the only official estimate of NTV in the last twenty years, when Gazprom-Media became the owner of NTV and other assets of Media-Most of Vladimir Gusinsky.

The press service of NTV declined to comment. The representative of Gazprom-Media only said that the transaction mentioned in the financial statements is "an intercompany technical history with the aim of consolidating a controlling stake in one of the key assets in the parent company of the holding."

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NTV only once disclosed its financial results under IFRS: in 2011, the broadcaster's revenue exceeded RUB 20.7 billion, operating profit - RUB 5.3 billion, net profit - RUB 4.4 billion. For comparison: under RAS that year, the revenue of NTV Television Company, the main legal entity of the TV channel, amounted to 20.3 billion rubles, profit from core activities - 3.9 billion rubles, net profit - 3.7 billion rubles.

In the spring of 2011, based on the financial indicators of the TV channel under IFRS and the ratio with which the shares of the public holding CTC Media were traded on the NASDAQ at that time, the market valuation of NTV could be about $ 1.4 billion (CTC Media - almost $ 1.8 billion).

According to the results of 2020, the revenue according to RAS of JSC NTV Television Company amounted to 17.9 billion rubles, profit from core activities - 1.2 billion rubles, net profit - 3 billion rubles. State support helped to fix such a net profit for the main legal entity of the broadcaster: NTV received from the budget not only the traditional subsidy for signal distribution in small settlements (almost 1.3 billion rubles), but also an additional 2 billion rubles. to carry out activities in “conditions of deteriorating financial situation” caused by both the pandemic and the devaluation of the ruble.

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NTV, according to Mediascope measurements, is the third most popular broadcaster after Russia 1 and Channel One. At the end of 2020, among all viewers over four years old, the average daily share of the NTV audience throughout the country (including small towns and villages) was 9.7%, while Russia 1 - 11.7%, Channel One - 10. one%.

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How can you estimate the cost of terrestrial TV channels?

Prior to the transition from analogue to digital broadcasting in 2019, technical infrastructure was of paramount importance in the television business. A valuable asset was the broadcast license itself, essentially the right to distribute your signal.

For example, in 2008, the American Walt Disney Co., in order to launch its children's channel Disney in Russia, wanted to buy a pool of 30 regional TV stations from businessman Ivan Tavrin. In fact, only for access to licenses for broadcasting, the American major was then ready to pay $ 233 million (more than 6.1 billion rubles at the exchange rate of the Central Bank on the day the agreement was signed), but the FAS blocked the deal.

In 2013, the European Broadcasting Company, a member of VGTRK, the local repeater Euronews, sold a company controlled by the government of the Moscow region for 600 million rubles. a legal entity whose only asset was a broadcasting license in the metropolitan area. It was on this frequency that the Podmoskovye channel (now “360”) started working.

In 2015, Gazprom-Media bought a legal entity from VGTRK to launch the sports TV channel Match TV, for which licenses for broadcasting of Rossiya 2 were issued. The amount of the transaction then exceeded 9.4 billion rubles.

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With the transition to digital, two multiplexes appeared in the country (a package of ten channels broadcasting on the same frequency and available to almost the entire population). A valuable but very costly asset for 20 select broadcasters has become the very presence in such a multiplex.

The key parameter in assessing the television business should now be the quality and relevance of the content produced and distributed, says Kirill Tanaev, director of the Institute of Contemporary Media. In his opinion, it is content that is the main competitive advantage.

m. Of paramount importance is its own library of rights, and not only for broadcasting, but in all other environments.

But, the expert notes, the broadcast infrastructure also remains a significant parameter in the television business and, accordingly, in its assessment. Tanaev reminds: the main source of monetization on TV has been and remains advertising. At the same time, the advertiser buys rating points, in other words, contacts with the audience. The rating, in turn, depends on the number of viewers and the duration of viewing. Therefore, without the technical coverage that the infrastructure itself forms, the TV channel cannot be successful. But in the future, as technology develops further, the importance of broadcasting infrastructure will decline.

Aleksandr Vengranovich, an analyst at Renaissance Capital, shares a similar opinion. According to him, it is now correct to use the same metrics that are used when evaluating digital media, for example, online cinemas, when assessing an on-air TV channel. The audience is already important not only in linear viewing, but also on all other platforms; the team and the rights library are significant factors; it is becoming increasingly important to have its own production or firm agreements with third-party studios, since all platforms today compete for quality content.

What can you compare the cost of NTV

In the past five years, only the owners of Channel One and the CTC Media holding have changed on domestic terrestrial TV.

"First channel"

In the summer of 2018, the National Media Group acquired 4% of Channel One from Roman Abramovich, increasing its share to 29%. Abramovich was forced to reduce his share to 20%, since he received Israeli citizenship, and the law "On Mass Media" prohibits, since 2016, foreigners and persons with dual citizenship from owning more than 20% in the companies that are the founders of the Russian media.

For 4% of Channel One JSC, 240 million rubles were paid, according to the financial statements of the head company of the National Media Group. Thus, the estimate of the entire broadcaster in the summer of 2018 was equal to 6 billion rubles. Representatives of the National Media Group and Channel One declined to comment, and Abramovich's representative did not respond to the request.

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In 2018, the revenue of Channel One JSC according to RAS exceeded RUB 38.8 billion, the loss from operating activities - RUB 13.1 billion, and the net loss - RUB 6.8 billion.

In the spring of 2019, Abramovich transferred the remaining 20% ​​of Channel One to VTB, but in the fall of 2020, the state bank got rid of this package. This year, 20% of Channel One, as RBC previously reported, went to SOGAZ. The amounts of these transactions were not disclosed in open sources.

In the near future, additional capitalization of Channel One is to take place, in which VTB will participate. As a result, the state bank will receive 32.89% of the broadcaster, the share of the National Media Group will decrease to 19.46%, SOGAZ - to 13.42%, the state - from 51 to 34.23%.

In 2020, the revenue of Channel One JSC according to RAS fell to 25.5 billion rubles, the loss from core activities amounted to 2.8 billion rubles, but thanks to 11.1 billion rubles. “Other incomes” (as a rule, they mean primarily state support), a net profit of almost 6.3 billion rubles was recorded.

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"CTC Media"

The CTC Media television holding manages the CTC, Domashny, Che, CTC Love and CTC Kids channels. Until December 2018, 75% of the holding belonged to Ivan Tavrin, whose YTV group (now Media-1) in 2015 paid $ 193.5 million for this package, or about 14 billion rubles, at the time of the closing of the deal.

In December 2018, the National Media Group and VTB bought 75% of the parent LLC STS Media from Tavrin for 18 billion rubles. ($ 269 million at the exchange rate of the Central Bank on the day of the transaction), follows from the financial statements of Media Investments JSC, in which the National Media Group owns 55%, VTB - 45%.

The entire CTC Media, thus, in December 2018 was estimated at more than 24 billion rubles. Tavrin's profit from the sale of the stake amounted to 4 billion rubles, or about $ 75.5 million. The representative of the National Media Group declined to comment, representatives of VTB and Media-1 did not respond to inquiries.

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The last time CTC Media published its IFRS financial statements for 2015. You can now get an idea of ​​financial indicators under RAS for two main legal entities - JSC STS, which is registered for the business of the flagship TV channel, CTC Love and CTC Kids, as well as JSC Novy Kanal, a legal entity of Domashnogo.

In 2018, the revenue of JSC STS according to RAS was 25 billion rubles, profit from core activities - 7 billion rubles, net profit - 5.3 billion rubles. Similar indicators of JSC "New Channel" - 4.7 billion, 1.3 billion and 1 billion rubles. respectively.

In 2020, the revenue of STS JSC decreased to 19.9 billion rubles, profit from core activities - to 5.7 billion rubles, net profit, thanks to including state support, amounted to 5.4 billion rubles. At the legal entity "Dhome ”it was 4.8 billion, 0.9 billion and 1.3 billion rubles. respectively.