MOSCOW - Russia's underdeveloped advertising market - which totalled $5 billion (€4.21bn; £2.90bn) in 2005 compared with $13bn in France - has enticed French media group Lagardère into acquiring four radio stations in Russia for an undisclosed sum.
The group, the world's largest consumer magazine publisher has bought St Petersburg-based Eldoradio and Kanal Melodia plus Moscow stations Radio 7 and Melodia. They will join the group's Europa Plus, a leading radio station in Russia, and Retro FM.
Lagardère said it had allocated several dozens of millions of dollars for the acquisitions.
"There is some money left, and it will be spent on other projects," president of Lagardère's European Media Group Georges Polinski told a news conference in Moscow. "And if there are good projects and there is not enough money, Lagardere will give more."