Media Group Ukraine Is Now Owned By The Government

For Ukraine, which is defending its territories and people from invasion by the Russian Federation, it is critical to feel the support of the entire civilized world. One of the ways to express this support is the announced prospect of joining influential world organizations and alliances. Among them, of course, is the European Union.

To improve the status of a candidate for EU membership, Ukraine must carry out all the necessary reforms. One of them is aimed at reducing the influence of politics and big business on the media.

The bill comes into force at the end of 2022, despite martial law, because its norms are focused on strengthening national security. This is vital amid the hybrid warfare waged by Russia against the Ukrainian people.

Big Business Complies With The Norms of the Law

One of those who fell under the new rules was Rinat Akhmetov — a rich, influential, and famous man. His business includes many companies in different spheres: metallurgy, energy, agrarian segment, and sports. Among the assets of the entrepreneur is the largest holding Media Group Ukraine. This business is impressive in scale: it includes electronic media, printed press, and many TV channels. In an interview with Rinat Akhmetov said that he was transferring the holding fully into the hands of the government. All the papers necessary for the transition were ready, and the licenses were canceled, a fact confirmed by the inspection departments.

According to the businessman, the bill provides for a short period of time for the transfer of business. At the same time, it is practically impossible to sell the holding at once or in parts amid the war and economic crisis. The transfer of media assets to the government looks like the right decision and brings Ukraine’s accession to the European Union closer.

Because of the war that Russia started back in 2014 and a new phase of that erupted in 2022, the businessman lost more than half of his assets: huge factories turned into piles of concrete, agricultural land covered with mines, and real estate looted, according to Rinat Akhmetov. Despite the significant losses, the businessman has taken a firm position: Ukraine will win and revive everything lost, and the aggressor will be called to account.

The material was prepared on the basis of https://www.euractiv.com/section/europe-s-east/news/ukraines-richest-man-agrees-to-hand-over-media-empire/.

About Media Group Ukraine (MGU)

Media Group Ukraine was a media holding company that managed System Capital Management Group’s television and new media projects. The company was a significant player in the Ukrainian media landscape, operating in various sectors such as broadcasting, production, new media, and publishing. Founded in 2010, it was one of Ukraine’s largest media holding companies, managing numerous television channels and a production firm.

The company was owned by Rinat Akhmetov, known as Ukraine’s richest man. Interestingly, Akhmetov announced in 2022 that his investment company would exit its vast media business to conform with the law. This suggests a shift in the media landscape and ownership in Ukraine.

Media Group Ukraine had a substantial workforce, with its company size ranging between 1,001 and 5,000 employees. The company’s headquarters were located in Kyiv, Ukraine. They also took measures to heighten their system security to protect client data and maintain their corporate reputation.

For more in-depth information, you can visit their Wikipedia page.

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