MOSCOW: Russian billionaire Vladimir Potanin's Prof-Media empire has acquired Independent Network Television Holdings, owner of the TV3 network. The sale price is estimated at around 14 billion rubles (€410m; $544m; £276m).

TV3 was launched in 1998 as a local St Petersburg station and grew into a national network of 28 stations in 26 cities and 290 affiliated stations in 250 cities.

Prof-Media inked a deal last month to sell its tabloid newspaper Komsomolskaya Pravda to the media arm of state controlled energy titan Gazprom [WARC News: 23-Nov-06].

Data sourced from Moscow; additional content by WARC staff