The CEO of O2TV, Alexander Morozov, is quitting his post. Morozov will continue to work within the O2TV group and will develop television broadcasting in CIS countries. He will also keep his seat on the OJSC O2TV board of directors, of which he was chairman until independent director Eduard Suvorov was elected to the post in November. Morozov was appointed CEO of O2TV in May 2011.

O2TV, Annual General Meeting, Jun 30, 2012. Agenda: To approve the annual report, the annual financial statement of the company for 2011; to approve the profit distribution of the company for 2011; to approve the election of the Board of Directors; to approve the election of an internal auditor of the company; to approve an auditor of the company; and to approve the election of the counting commission of the company.

O2TV has received RUB 3.14 billion in funding. The company intends to use the funds raised to put together a media holding and expand own its operations, a company representative told Interfax. The proceeds will go to subsidiary LLC O2TV in the form of a one-year internal loan at 2% per annum. Approximately $68 million of the funds may be used for asset acquisition, including some $3 million for buying television content (music videos, films, and TV programs) and the rest for mergers and acquisitions. O2TV plans to put around $5 million into the acquisition of broadcasting frequencies or companies that own them, and up to $30 million into the purchase of cable TV channels.