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&lt;p style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&lt;b&gt;12.&amp;nbsp;&amp;nbsp;&amp;nbsp;SUBSEQUENT EVENTS &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;In July 2010, the Company signed a preliminary agreement to purchase a 55.5% interest in a Samara television station for a total cash consideration of approximately $4,000. In addition, in July 2010, the Company signed a preliminary agreement to purchase 100% of a television station in St.&amp;nbsp;Petersburg for a total consideration of approximately $8,000, including $400 payable in cash to the seller and the remaining $7,600 comprising the debt of the station to be assumed by the Company at purchase. In July&amp;nbsp;2010, the Company also signed an agreement to acquire the remaining 48% interest in a Kazan television station for cash consideration of approximately $1,500. &lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;On July&amp;nbsp;12, 2010, the Company entered into a preliminary lease agreement for new headquarter facilities in Moscow, pursuant to which it will lease approximately 6,500 square meters of office space in an office building in central Moscow. The lease is for a 10-year initial term and the Company has a right to extend the term for an additional 10&amp;nbsp;years, at the then current market rate. The total annual rent, subject to adjustment for inflation, according to the preliminary lease agreement is $3,500 (exclusive of VAT), including technical costs arising from maintenance of the premises and some supplementary municipal services. The lease of parking space is also available under the terms of the preliminary lease agreement at additional cost. &lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;On July&amp;nbsp;30, 2010, the Company's board of directors declared a dividend of $0.065 per outstanding share of common stock to its stockholders of record as of September&amp;nbsp;1, 2010. The payment date is expected to be September&amp;nbsp;30, 2010. &lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;The Company has decided to discontinue its operations in Uzbekistan and is initiating a voluntary liquidation process. This decision was made following reevaluation by the Company's management of the current situation and potential of the Uzbekistan television advertising market. &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;
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&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;In July 2010, the Company signed a preliminary agreement to purchase a</NonNumericTextHeader>
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 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 5
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