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Comstar Commences Integration of Regional Operators of Stream-TV Group

Posted on: Friday, 5 September 2008, 15:00 CDT

Comstar - United TeleSystems, an integrated telecommunications operator in Russia and the CIS, has commenced the integration of the regional operators of Stream-TV Group, which is owned by Sistema Mass Media, and providing cable TV and broadband internet access services in 40 Russian cities.

The agreement follows the approval by the Comstar and Sistema Mass Media (SMM) boards of directors in July 2008 for the transfer of the Stream-TV business to Comstar.

The next stage of the integration process comprises the acquisition of STREAM-TV Group from SMM. The structure of the deal is currently under discussion and the assets are being independently valued by Ernst&Young. Comstar expects to complete the deal by the end of 2008.

Sergey Pridantsev, president and CEO of Comstar, said: "The consolidation of Stream-TV under our management will enable us to become a national broadband internet access provider in Russia. We will service 67 Russian cities with a combined population of over 48 million people. We intend to selectively modernize up to 90% of the newly acquired networks using fiber-to-the-building technology."

Source: Datamonitor

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