Oligarch Buys Russia’s Most Popular Social Media

AP | September 16, 2014

By NATALIYA VASILYEVA

A media company owned by Kremlin-friendly oligarch Alisher Usmanov has splashed out $1.5 billion to gain full control of Russia’s most popular social network, VKontakte, bringing an end to a months-long dispute that saw the original investors sue each other in court.

London-listed Mail.Ru Group said in a statement Tuesday that it now owns the whole of VKontakte following its purchase of a 48 percent stake from investment fund United Capital Partners. Mail.Ru first invested in VKontakte in 2007 and since then has spent over $2.1 billion accumulating stock.

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