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Usmanov moves into online video
05.06.08
Arsenal FC suitor Alisher Usmanov has launched a Russian rival to YouTube as he continues to expand his steel and mining empire by moving into the media.
Usmanov, recently named as Britain's fifth-richest man with a £5.7 billion fortune, has set up a new online video service called NewsTube with an initial investment of at least £5 million.
His AF Media Holding will provide more than 200,000 programmes from Russian TV dating back to 1994.
Last month, Usmanov, 54, lifted his holding in Russia's 7TV sports channel from 50% to 83% and said he wants to buy the remaining 17% of the stock by the end of the year, becoming the channel's sole owner.
7TV is a free-to-air channel broadcasting in 500 Russian cities.
Media reports put the value of the deal at £90 million-£100 million. Usmanov also owns music entertainment channel Muz-TV. He has a 24.2% stake in Arsenal.
