Russian satellite pay-TV operator DalGeoCom, which provides TV services under the Raduga TV brand, and where Sweden’s Modern Times Group (MTG) holds a 50 per cent stake, is to liquidate, has confirmed it is closing down.
Local reports say that DalGeoCom will accept claims from creditors until March 31st. Raduga has been on air since February 2009 and its bouquet offered a wide number of Russian and international channels over the country.
Raduga TV (which translates as ‘Rainbow’) actually ceased transmission on December 5th as it had not been granted an operating licence by the regulator. MTG said on December 1st that it would be launching 5 new channels for Russian viewers on its Viasat bouquet.
MTG had written down the complete value of its stake a year ago in February 2014.