CTC Media, Inc., Moscow, Russia, (formerly StoryFirst Communications) owns and operates numerous TV stations and networks in Russia and has become the leading, independent media company in Russia. In 1997, CTC launched a digital satellite-based network that broadcasts its signal to over 200 stations across Russia. Northwood invested in several equity rounds of financing, commencing in 1993. CTC completed its initial public offering in June 2006, raising $380 million (NASDAQ: CTCM). Northwood liquidated its position through private and open market sales between 2004 and 2006.

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