SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2015

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

12.   SUBSEQUENT EVENTS

        On February 12, 2016, the Company received the final tranche of the purchase price in connection with its sale of 75% of the outstanding participation interests in its subsidiary CTC Investments LLC to UTV-Management LLC (the "Purchaser") pursuant to the Framework Agreement, dated as of September 24, 2015, as amended, by and between the Company and the Purchaser (the "Agreement"). The sale had previously closed on December 23, 2015 and the Company received $150.5 million in cash at closing (see Note 1). An additional $50 million was held back at closing pursuant to the Agreement, and was subject to adjustment based on the performance of the Company during the second half of 2015 and certain indemnity obligations. As the final tranche of the purchase price, the Company received $42.5 million of the holdback amount in cash from the Purchaser. The total consideration received in connection with the sale was therefore $193.1 million.

        On February 29, 2016, the Office of Foreign Assets Control of the U.S. Department of Treasury issued a license authorizing CTC Media to proceed with the previously announced cash-out merger transaction (see Note 1).