Media group Profmedia will spend an unprecedented $100 million to launch a new entertainment television channel named Pyatnitsa, or Friday, on June 1, to replace MTV Russia, Vedomosti reported Thursday.
Profmedia borrowed 1.64 billion rubles ($52.9 million) from an unidentified third party in February to finance the new channel, the newspaper reported, citing the media holding's accounts.
Vladimir Potanin's Interros group, which controls Profmedia, will finance the launch, sources close to Profmedia and Interros said.
Profmedia president Olga Paskina said Pyatnitsa would be the most expensive rebranding of a television channel on the Russian market in the past few years, with the group's leadership planning to spend $100 million on the channel in the next two years.
Paskina predicted that the new channel's share of the Russian television market would reach 5 percent within five years. By comparison, the share of MTV Russia was 1.4 percent in April.
The channel, which will be broadcast on MTV Russia's frequency, will take over several MTV shows but the bulk of its schedule will be filled with new content. Pyatnitsa will also show repeats of two comedy shows previously aired on Channel One — the Paris Hilton Searchlight and Big Difference.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.