Following Rupert Murdoch's pronouncement that expansion of broadcasting and publishing in Russia was too risky, the media magnate has decided the way forward lies in outdoor advertising - using somebody else's money.

News Corporation is seeking more than €78 million ($100m; £52.85m) in loans from the European Bank for Reconstruction and Development to finance takeovers by its News Outdoor Russia unit, which already has 25,000 billboards in the country.

According to the Financial Times the EBRD's documents reveal that: "The loan will be used to facilitate creation of a pan-regional outdoor advertising network spanning several former Soviet republics by the company through acquisition of several local outdoor operators."

The EBRD is better known for financing infrastructure projects in Eastern European and former Soviet states but has in recent months approved loans worth billions of euros for takeovers by the private sector.

Data sourced from Financial Times Online; additional content by WARC staff