NEW YORK - Russia's fourth-largest television network by market share, CTC Media, suffered a disappointing initial public offering, on the New York stock market last week, its take-up share price hit by a slump across all emerging stock markets.

CTC, whose transmissions reach nearly 100 million people across the former Soviet Union, was founded in 1994 by Californian entrepreneur Peter Gerwe and modeled on US TV networks.

It floated around 24.7 million shares at $14 (€10.84; £7.44) per share - way below its initial expectation of 29.4 million shares at between $16-$18 each.