The operator Megafon has reduced its stake in the Start online cinema from 50% to 45%, writes RBC with reference to the Unified State Register of Legal Entities. According to the publication, the agreement was carried out in the context of the operator’s inclusion on the EU sanctions list.
The operator also confirmed that it had sold a 5% stake in online cinema to the founders of the company. The company noted that the redistribution “maximally reflects the relationship with this asset.” MegaFon was never involved in the operational management of Start, as online cinema is not the company’s core business, the publication said.
Initially, back in 2020, the operator bought 33.8% of Digital Media Holding LLC, Start’s parent structure. Then Megafon planned to invest 5 billion rubles in the development of the service for three years. The LLC itself at the time was 74% owned by the film studio of the same name. The effective participation of the operator after this transaction amounted to 25% each, the subsidiary of the operator Megalabs JSC became the beneficial owner.
At the beginning of 2021, the operator increased its stake in Start to 50%. The online cinema said that Start will continue to operate as a separate business. In the spring of 2022, the operator began to merge the service with its own Megafon TV platform. For the Russian market, this was the first association of large streaming sites.
Based on the results of the first half of 2023, Start’s revenue from user payments increased 101% year-on-year and amounted to more than 3 billion rubles, according to the company report.
Author:
Natalia Gormaleva
Source: RB
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