Russian businessman Arcadi Gaydamak has signed a contract to sell 10% of the shares of his media corporation, United Media to the company's directors for the symbolic price of one dollar.
The sale will be completed in May. United Media CEO, his deputy and the chief editor, who already received 15% of the stocks two years ago, will then receive the additional shares.
The agreement is aimed as an attempt to revive the Gaydamak-owned radio stations, which suffered significant losses in 2008.
The United Media Corporation encompasses two small radio stations, Business FM and 98 Hits, the modest-circulation newspaper Business FM and an online newspaper.
The corporation lost $1.2 million last year.
Gaydamak has invested a little over $10 million in United Media, but the corporation's asking price currently stand at only $6 million.