<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4/A</documentType>

    <periodOfReport>2007-06-22</periodOfReport>

    <dateOfOriginalSubmission>2007-06-25</dateOfOriginalSubmission>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001354513</issuerCik>
        <issuerName>CTC Media, Inc.</issuerName>
        <issuerTradingSymbol>CTCM</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001363388</rptOwnerCik>
            <rptOwnerName>Lakhani Nilesh</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O CTC MEDIA, INC</rptOwnerStreet1>
            <rptOwnerStreet2>PRAVDA STREET, 15A</rptOwnerStreet2>
            <rptOwnerCity>MOSCOW, RUSSIA</rptOwnerCity>
            <rptOwnerState></rptOwnerState>
            <rptOwnerZipCode>125124</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chief Financial Officer</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock option (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>16.95</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2007-06-22</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>3525</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2016-06-01</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>3525</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>747901</value>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The option was granted on June 1, 2006 for 751,426 shares of common stock. 375,713 of the shares subject to the option vest over a three-year period with 10,437 of the shares vesting on June 30, 2006, and an additional 8% of such shares vesting every three months thereafter until May 31, 2009. An additional 375,713 of the shares subject to the option vest over a four-year period with 7,828 of the shares vesting on June 30, 2006, and an additional 6% of such shares vesting every three months thereafter until May 31, 2010.</footnote>
        <footnote id="F2">This Amendment to the Form 4 filed June 25, 2007 corrects the number of securities beneficially owned following reported transaction on Table II, Line Item No. 9. The correct number is 747,901.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Nilesh Lakhani</signatureName>
        <signatureDate>2007-07-05</signatureDate>
    </ownerSignature>
</ownershipDocument>
