MOSCOW (Reuters) - Sony Corp (T:6758) production studio Sony Pictures Television and Russian media holding company National Media Group (NMG) have set up a joint venture to operate Sony's pay television channels in Russia, NMG said on Monday.
NMG said it was buying 80 percent in a company broadcasting Sony channels in Russia. It did not disclose financial details of the transaction.
It also has a joint venture with Discovery Communications (NASDAQ:DISCA), which operates the Russian versions of the Discovery Networks, Eurosport and Turner channels. In 2016 NMG also struck a partnership agreement with Viasat World.
NMG was set up in 2008 by Bank Rossiya -- now under Western sanctions over Moscow's role in the Ukrainian conflict -- as well as metals tycoon Alexei Mordashov and insurance group Sogaz.
Bank Rossiya no longer controls NMG, a leading private media holding in Russia, business daily Vedomosti reported in 2016.