Sberbank Rossia Takes Stake in Russian Media Company Rambler

Date : 04/24/2019 @ 5:32AM
Source : Dow Jones News
Stock : Sberbank Russia (PK) (SBRCY)
Quote : 15.02  -0.03 (-0.20%) @ 3:44PM

Sberbank Rossia Takes Stake in Russian Media Company Rambler

Sberbank Russia (PK) (USOTC:SBRCY)
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By Adam Clark

 

Sberbank Rossia (SBER.MZ) has agreed to take a 46.5% stake in media company Rambler Group for an undisclosed price.

Russia's largest lender said late Tuesday the deal will boost its digital presence and client loyalty. Rambler operates a search engine and online portal among other digital assets and claims a monthly audience of 56 million unique visitors.

Existing Rambler shareholders A&NN Ltd. and Era Capital will retain stakes of 46.5% and 7% respectively. The deal is expected to close in the third quarter.

"We are pleased to enrich Sberbank's ecosystem with a unique combination of movies, content, news and other services. I am certain that our partnership will set a new standard for the Russian media market in terms of quality of content, formats for its consumption and technology that is used," Chief Executive Herman Gref said.

 

Write to Adam Clark at adam.clark@dowjones.com

 

(END) Dow Jones Newswires

April 24, 2019 01:17 ET (05:17 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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