CTC Media Announces Board and Management Changes; CEO Has Stepped Down

CTC Media, Inc.

, today announced that Angelo Codignoni has been elected as Co-Chairman of the Board of Directors and that Dmitry Lebedev has been appointed as a new member of the Board. Mr. Lebedev takes the Board seat held by Peter Aven, who has stepped down from the Board. In addition, Anton Kudryashov has stepped down as Chief Executive Officer effective as of December 15, 2011, based on mutual agreement. He has been replaced on an interim basis by the Company's Chief Financial Officer, Boris Podolsky, until a permanent replacement is appointed.