CTCM Ctc Media, Inc. (MM)

Item 2.01.                                         Completion of an Acquisition or Disposition of Assets

On May 20, 2016, CTC Media, Inc., a Delaware corporation (the “ Company ”), announced the completion of the merger contemplated by the previously announced agreement and plan of merger dated November 16, 2015, between the Company and CTCM Merger Sub, Inc., the Company’s wholly-owned subsidiary (“ Merger Sub ”). As a result of the merger, the Merger Sub has merged with and into the Company, with the Company surviving.  Each of the Company’s shares of common stock issued and outstanding immediately prior to the effective time of the merger (excluding the shares held by Telcrest Investments Limited (“ Telcrest ”)) was cancelled and ceased to exist in exchange for the right to receive $2.0503 in cash without interest and net of any applicable withholding taxes. The total amount available for distribution was $239 million. The per share cash consideration was based the aggregate amount of the Company’s available cash less a cash reserve of $8,796,200 that was determined by the Company’s Board of Directors to be reasonably likely to be sufficient for the Company to satisfy any liabilities, obligations, costs and expenses of the Company that were known or reasonably foreseeable, taking into account the amount of time that may be required under applicable laws before a liquidation of the Company may be effected, divided by on the number of shares outstanding (excluding the shares held by Telcrest). The shares of common stock held by Telcrest remain outstanding following the merger and Telcrest is now the Company’s sole stockholder. The Company also provided further information on the completion of the merger, as described in the Company’s press release attached as Exhibit 99.1 and which is incorporated herein by reference.