National Media Group
National Media Group (NMG) is one of Russia’s largest privately structured yet state-aligned media conglomerates, with holdings that span broadcasting, print, digital platforms, and content production. While it does not command majority stakes in every investment, NMG holds controlling interests in key television networks such as Channel 5 and REN TV, alongside a significant minority share of nearly 20% in Channel One.
NMG holds a controlling interest in CTC Media, operator of a suite of popular entertainment networks. In 2016, it also took a stake in Viasat, a major provider of pay-TV channels, through Media Alliance, a joint venture with Discovery Networks. Media Alliance subsequently acquired Russian operations of more than 10 international channels, including Discovery Channel, Animal Planet, CNN, and Eurosport. This manoeuvre was prompted by 2014 legislation capping foreign ownership of Russian media firms at 20%, which compelled global broadcasters to partner with domestic players like NMG to retain market access.
Beyond television, NMG retains a stronghold in print and digital media through Izvestia, one of Russia’s most established newspapers. Around Izvestia it has built a comprehensive multimedia hub, the Izvestia MIC (Multimedia Information Centre), which integrates the Iz.ru news portal, the Izvestia television channel, the daily newspaper, and newsrooms serving NMG’s broadcast outlets (REN TV, Channel 5, and 78 TV). The Izvestia MIC also manages Business Petersburg, extending NMG’s footprint into regional business journalism.
In addition to its core media operations, NMG has ventured into technology, sales, and film production, sectors that provide both new revenue streams and further leverage within Russia’s tightly interwoven media–political landscape. These initiatives have become increasingly important as sanctions and international isolation restrict Russia’s media sector from foreign partnerships and technologies.
On April 9, 2025, NMG acquired Medialogia, one of Russia’s leading media-monitoring and analytics platforms. This move signals NMG’s strategic push to enhance its media analytics capabilities—an important tool for monitoring audience sentiment and editorial performance across its assets.
Media assets
Television: Channel 5, REN TV; CTC Media- CTC, Domashniy, Che TV, CTC Love, 3One; 78 Channel; Viasat
Publishing: Izvestia, Business Petersburg, Metro Petersburg, Sport-Express
State Media Matrix Typology
Captured Public/State-Managed (CaPu)
Ownership and governance
NMG’s ownership structure underscores its strategic positioning at the nexus of Russia’s political and financial elite. It is a joint venture that brings together several state-controlled or Kremlin-linked entities, including Rossiya Bank, Surgutneftegas, SOGAZ, and Gazprom Media. According to experts and journalists interviewed for this report in March 2023 and June 2024, the group’s real clout is channelled through Yury Kovalchuk, a powerful financier and long-standing associate of President Vladimir Putin. Kovalchuk, who has been under U.S. Treasury sanctions since 2014 for his role in the annexation of Crimea, remains the figure most closely associated with NMG’s strategic direction.
Source of funding and budget
NMG finances its operations primarily through advertising revenues and the commercialization of content, including pay-TV subscriptions and syndication. To date, no evidence has emerged of direct state subsidies flowing into NMG-managed outlets, although their market dominance and political connections afford them advantages in advertising and distribution.
The Media and Journalism Research Center reported that NMG generated revenues of RUB 47.2bn (US$665m) in 2021. More recent disclosures and industry analyses suggest that revenues plateaued in 2023 due to sanctions-related constraints and advertising market contraction but rebounded in 2024 with a notable surge in domestic advertising, driven by increased state spending and corporate redirection away from foreign platforms. Preliminary figures cited by Russian business press in early 2025 indicate modest profit growth for the group, despite rising operational costs and the challenges of maintaining Western-licensed formats in the current sanctions environment. Forecasts for 2025–2026 anticipate stable income streams largely dependent on domestic advertising, subscription services, and the protection afforded by legislation limiting foreign competitors’ operations in Russia.
Editorial independence
NMG’s outlets are widely recognised as aligned with Kremlin narratives, a reflection of Kovalchuk’s influence and the political expectations placed upon the group. Several of its channels have faced bans in European jurisdictions, where regulators determined that their content functioned as vehicles for Russian state propaganda aimed at destabilizing societies.
There is no domestic statute, nor any independent oversight body, to guarantee editorial independence across NMG holdings. This absence has entrenched the perception of NMG’s outlets as instruments of soft power, tightly tethered to the political establishment.
August 2025