and the Ukrainian League of Public Relations. They create a certain Ukraine, where the system of education in public relations “watershed” for the local PR industry, demarcating the market and leaves much to be desired. The majority of lecturers come from consolidating key market players around the two poles. adjacent areas and lack hands-on PR experience. The key high- er institutions that provide graduates for the scarce PR labour The growing activity of professional community essentially benefits market are Kyiv Mohyla Academy and Taras Shevchenko Kyiv the market development, and 2006 has boomed in PR events, with National University, whereas postgraduate CIPR Certificate the both associations conducting large-scale professional forums. and Diploma courses are available at the International Institute At the beginning of October 2006 the Ukrainian Association of of Business. Public Relations (UAPR) conducted the European PR Congress- 2006 “Strategic PR: from business reputation to country image”. Graduates majoring in social and political sciences, philology The event attracted about 200 PR-practitioners from Ukraine, CIS and marketing staff the PR agencies at an entry level, with further and Western and Central Europe, as well as government represent- professional tuning into PR practitioners. The market is largely atives (including the Ministry of Foreign Affairs of Ukraine), NGOs understaffed, especially by the “narrow specialists” – experts in etc. More than 40 speakers from 10 countries reported on the latest particular markets (pharmaceutics, high tech, finances, etc.) Thus PR industry developments and trends. International Annual Summit international PR agencies are the sought-after environment for “Days of PR in Ukraine” was also held in Kyiv in October 2006 by the professional growth. Ukrainian League of Public Relations and with the support of the Ministry of Foreign Affairs of Ukraine. So, the dynamics of the Ukrainian PR market development shows that the Ukrainian PR as a notion has emerged and, despite the Professional events that bring to the table recognized PR ‘growing pains’ of this fledgling industry, evolves into a strategic professionals from abroad are of great educational value in communications power.
11 Media
Ukraine Media Landscape 2006: Television, TV Advertising Market, Film Production and Production Facilities by Media Resources Management
General Information worth to be mentioned: TRC Ukraine, Tonis, NTN, M1, 5th Channel and Megasport. Together all of the above mentioned channels hold 80% of According to the official data of National Council of Television and Ukrainian TV audience and 90% of TV advertising market. Radio there are 1268 television and radio organizations (TRO) reg- istered in Ukraine, 97 of which are registered as television and radio organizations and 647 are television stations. Advertising If talking about the factors that had a significant influence on the 848 TRO’s are private, 383 belong to city administrations and 37 development of Ukrainian media market, we have to first of all men- are state-owned. tion the growth of advertising market of Ukraine.
According to certain sources, 15% TRO’s do not function at all and Volume of advertising market of Ukraine 2001-2006, 60 % are hardly surviving. Thus, only 25% percent of all registered mln. USD, excluding taxes TRO’s might be considered more or less successful. Year 2004 2005 2006 There are three nationwide Free TV channels in Ukraine: UT-1 (state- owned), Inter and Studio 1+1 (both are privately owned). Another Total volume of advertising market 571 835 1373.2 four channels – New Channel, STB, ICTV and TET – are approach- ing status of national by coverage and sometimes are referred to as Growth compared to previous year 36% 46% 64.5% “multiregionals”. According to the rating figures and audience shares Volume of TV advertising market 165 237 390 these channels are to be considered the largest and the leading chan- st nels in Ukraine. Historically Inter has almost always held the 1 place, Growth compared to previous year 27% 43% 59% Studio 1+1 – the 2nd, New Channel – being the 3rd channel, ICTV – the 4th and STB – the 5th. But there is a number of other TV market players Data by Ukrainian Advertising Coalition
196 Country Profile Ukraine
Audience shares of the Free TV channels in Ukraine broadcast TV product should be in Ukrainian language. Starting (first 3 quarters of 2006) from February 1st 2007 the volume of Ukrainian language pro- gramming should reach 75%.
RTR PLANET As for the future tendencies of increased volume of Ukrainian lan- TRK KYIV K2 1.34 % 0.43 % 0.11 % guage on TV, the experts’ opinions have split. Some of them are NTN NTV MIR sure that it is already quite clear that Ukrainian language content is 2.04 % 1.38 % M1 K1 5 CHANNEL TONIS 1.15 % 0.35 % currently in high demand in the process of filmmaking and it is still INTER 2.06 % 1.46 % UT1 21.61 % to grow. Their opponents are not so optimistic about a large volume 2.24 % of product to be produced in Ukrainian. The reason for it is very sim- TET 2.66 % ple – the Ukrainian language product will not bring any profit (will
CHANNEL 1 Rus not even cover the production cost), since Ukrainian language will 3.79 % limit its export opportunities to Russian speaking markets, whose TRK license fees are quite desirable and high. Thus the primary market UKRAINE 4.37 % for Ukraine made product is Russia that is why all the product is shot in Russian language. STB 6.4 % 1+1 Apart from television Ukrainian language is also entering the the- 18.37 % ICTV atrical market. Quite a few theatrical releases were dubbed to 7.29 % NEW CHANNEL Ukrainian instead of Russian. It is worth mentioning that such a hit 7.49 % as THE CARS generated 30% bigger box office in Ukrainian than in Data provided by GfK Russian (it was released in Ukraine in both language versions).
However, on October 17th 2006, the Kiev Economic Court of The advertising market of the country is still stably growing, Appeal has overruled some regulations as for the set restrictions in But the growth in 2006 was mainly caused by political PR cam- dubbing language of theatrical and Home video releases of foreign paigns. The growth of 2006 is appeared to be at the level of movies. 64.5%. As for TV advertising market the process of the slowing down of growth margin increase is due to the oversaturation of the air time by commercial advertisements. However, by no TV Channels means the Ukrainian market has used itself up. According to 2006 was marked by a number of significant events in Ukrainian various experts, this field is one of fastest developing ones. In television, namely by a change of owners and management of the particular the stable growth of the markets is fueled by the new leading channels, by World Football Cup, birth of new thematic Western companies entering the Ukrainian market, growing channels (Kino, TV-1 and 24), etc. competition between the groups of goods suppliers, increas- ing interest in regional markets, further growth of advertising The first half of 2006 was rather tough for the Ukrainian TV channels: prices, etc. almost all of them had to go through either change of the owner or the top management. The first quarter of the year was marked by Now, it’s worth telling about some major significant events that the final round of the Parliamentary elections in the country. June shaped the Ukrainian media market over the period of 2006. was all occupied by the World Cup.
It is worth mentioning that the management and ownership TV measuring change has caused a rather significant decrease in ratings fig- Over the course of 2006 a few companies participated in the an- ures, however none of the competitor channels has used this nounced tender (held by ITC (Industrial Television Committee) which opportunity to its benefit. The multiregional channels were com- was supposed to determine an official measurer of the television audi- peting against each other, and only STB benefited from it. Studio ence in Ukraine in 2008 – 2012. The company which was chosen (and 1+1 has established its leadership due to the huge success of accordingly its panel) would of course have a great influence both on the telenovela “Do not Be Born Beautiful” (Russian adaptation the market and its players. of Columbian “Ugly Betty”) programmed in weekday prime time. Inter TV Channel succeeded to attract a very structured audience In the end of November, ITC voted for GfK-Ukraine and this com- only during the weekends, in general the situation has stabilized pany would provide TV audience measurements in Ukraine in only by June during the World Cup broadcast. During the week- 2008-2012. day prime time Inter has intentionally avoided the competition, having given up the slot not only to 1+1, but sometimes to New Starting from 2008 a new panel of ratings measuring will be introduced Channel and ICTV. which will cover all the population of Ukraine. Such restructuring of the panel (as well as the operator) will of course have its impact on the The following channels have increased its ratings: “Channel One. ratings of the channels, since the panel will include more of the older Worldwide Net” (satellite version of the Russian Channel One), TET, population and the population with lower income. and TRC Ukraine. “Channel One. Worldwide Net” was especially boosting its numbers during the weekend prime time.
Ukrainian Language on TV The total sum of multiregional channels’ figures gives them a The 2006 was marked by increasing volume of Ukrainian language chance to take the leading position as far as it goes for commer- on TV (as opposed to Russian). This was due to the new Act “On cially desirable audience. Inter succeeds to keep its position in the amendment to the Act of Ukraine “On television and Radio” # terms of 18+ audience, however the weight of commercial audi- № 3317-IV. The new legislature pertaining to the usage of Ukrainian ence is pretty low. The average share of the leading channels is de- language stipulates that starting from October 1st 2006 50 % of creasing over the years. www.amcham.ua 197 Distribution of channels’ ratings and shares in prime Inter takes leading positions and dominates in Top 20, generally time and overnight during the first 3 quarters of 2006 due to good performance of football matches and films and series of local production. For the first time New Channel has its place in 1-3 quarters Overnight Prime-time Top 20 due to its live action series SOLDIERS of Russian produc- of 2006 tion. Studio 1+1 has a stable 3rd position in the Top 30 thanks to the 03:00:00 – 18:00:00 – series DO NOT BE BORN BEAUTIFUL (Russian adaptation of UGLY 27:00:00 24:00:00 BETTY) and Russian-Ukrainian blockbuster THE 9TH COMPANY. audience 18+ rat% shr% rat% shr% During the first half of 2006 the leading channels still hold half of INTER 3,15 21,61 8,23 24,70 the advertising volume, the multiregionals – third of it, the most desirable out of the third level channels are TRK Ukraine, TET and 1+1 2,68 18,37 7,10 21,32 Channel One. Worldwide Net. NEW CHANNEL 1,09 7,49 2,59 7,77 Other events of the year. ICTV 1,06 7,29 2,22 6,66 Besides all of the above, the 2006 was marked by the appearance STB 0,93 6,40 1,88 5,64 of three more thematic channels: news channel «24», the chan- nel of business news «ТV-1», movie channel Kino and city channel TRK UKRAINE 0,64 4,37 1,32 3,97 «City». CHANNEL 1 0,55 3,79 1,19 3,58 Rus Ukrainian media market is now preoccupied with preparation to digital switchover since analog switch-off is officially planed for TET 0,39 2,66 0,86 2,57 2012-2015. Players of the market debate over standards and ways of implementation of digital modes of signal streaming and recep- UT1 0,33 2,24 0,72 2,16 tion. 5 CHANNEL 0,30 2,06 0,61 1,84 Production NTN 0,30 2,04 0,62 1,88 One of the most important areas of media (and TV) market, along TONIS 0,21 1,46 0,38 1,13 with distribution and broadcasting, is the production of content.
NTV MIR 0,20 1,38 0,42 1,26 One of the most dynamically developing sectors of Ukrainian con- tent production market is the production of TV product. Moreover, RTR PLANET 0,20 1,34 0,39 1,18 Ukraine produced product is in high demand abroad (especially M1 0,17 1,15 0,27 0,80 in Russia), which makes it worthy of describing as part of general characteristics of Ukrainian media business. TRK KYIV 0,06 0,43 0,12 0,36 The process of production for Television in Ukraine is quite dynamic: K1 0,05 0,35 0,10 0,31 lots of projects are being developed, many of which are quite suc- cessful and of high quality. The consumers (namely the broadcast- K2 0,02 0,11 0,03 0,10 ers) already have a wide choice which gives a chance for a healthy Data provided by GfK competition process, urging the producers to produce the product of higher and higher quality.
Comparison of TV channels ratings, audience 18+ and 14-49 age groups (2006)
10
8.23 8 7.10 IND: 18+ 6.23 IND: 14-49 6
4.86
4 3.32
2.59 2.22 2.31 2 1.88 1.49 1.32 1.21 1.19 1.06 0.91 0.86 0.72 0.62 0.56 0.61 0.47 0.42 0.39 0.38 0.33 0.41 0.34 0.31 0.24 0.27 0.12 0.09 0.1 0.1 0 0.03 0.03
1 E s 1 IR S N M1 K1 K2 1+ ICTV STB TET UT NTN M NI INTER TO HANNEL NTV TRK KYIV C 5 RTR PLANET TRK UKRAI NEW CHANNEL CHANNEL 1 Ru Data provided by GfK
198 Country Profile Ukraine
Top 20 of broadcast programs during 3 quarters of 2006
Date Channel Description Audience 18+
rat% shr%
30.06.2006 INTER Football match (WC). Italy – Ukraine. 1/4 finals 27,72 68,04
26.06.2006 INTER Football match (WC). Switzerland – Ukraine. 1/8 finals 25,77 66,64
06.04.2006 1+1 DO NOT BE BORN BEAUTIFUL (series) 25,66 51,81
19.06.2006 INTER Football match (WC). Saudi Arabia – Ukraine 22,21 57,80
07.01.2006 INTER New Year with Maxim Galkin (NY special) 19,89 43,37
09.07.2006 INTER Football match (WC). Italy – France. Final 19,72 53,66
04.01.2006 INTER PODROBNOSTI (News) 18,83 38,79
09.05.2006 1+1 The 9th company (feature film) 18,40 41,49
16.03.2006 INTER THANK YOU FOR EVERYTHING (series) 18,02 36,34
23.06.2006 INTER Football match (WC). Ukraine – Tunisia 17,93 68,37
14.07.2006 1+1 Special: DO NOT BE BORN BEAUTIFUL 17,76 48,42
02.04.2006 INTER PODROBNOSTI NEDELI (main news program of the week) 16,28 37,84
14.06.2006 INTER Football match (WC). Spain – Ukraine 15,56 64,18
20.01.2006 INTER BLACK GODDESS (series) 15,03 31,17
27.01.2006 INTER DOOMED TO BE STAR (series) 15,02 35,56
27.03.2006 1+1 TSN (news) 14,95 34,76
20.09.2006 1+1 5 MINUTES TO METRO (series) 14,79 35,84
02.09.2006 1+1 TWISTED MIRROW (comedy special) 14,64 37,10
14.09.2006 1+1 THE GROMOVS (series) 14,61 35,66
05.07.2006 INTER Football match (WC). Portugal – France. 1/2 finals 14,47 46,45
Data provided by GfK
Ukraine produces almost all of the popular TV product formats, A lot of TV series and other kinds of TV product is produced in these are: long running telenovelas (over 100 episodes), mini se- Ukraine with Russian investments. For example, one of the most ries (8-16 episodes) and TV movies. famous Russian producers Vladimir Dostal shoots hundreds of
If talking about the production companies a few major players of Distribution of commercial advertising ratings (WGRP%) among the channels during the 3 quarters of 2006 the market should be mentioned. Mamadu production company specializes in production of long running telenovelas (over 190 episodes). The first Ukrainian telenovela (and a very successful NTN 1.64 % one too) was LOVE CURE created by Mamadu together with Film. TET 2.6 % TONIS TRK UKRAINE CHANNEL 1 Rus 3.25 % 1.24 % INTER UA and commissioned by Inter TV Channel. LOVE CURE was also 4.1 % 29.93 % successfully broadcast in Russia (TV Channel Russia), Kazakhstan NTV MIR 1.05 % (KTK), Latvia (LNT) and others. 5 CHANNEL 1.66 %
STB 6.91 % Pro-TV production is quite successful in producing TV series. Some of the most rated products are “Mukhtar’s come back 2” and “Thank you for everything”. NEW CHANNEL 9.68 %
TV series and TV movies are also created by Star Media that ap- M1 peared on the market in 2006. The company manages its own dis- 1.4 % ICTV tribution of the product and hopes for the premier run of its product 1+1 9.95 % UT1 22.41 % on the leading Russian channels. 1.42 %
The niche of TV movie production in Ukraine is well occupied by Data provided by GfK such company as Film UA. www.amcham.ua 199 hours a year, but few know that the major part of his product is pro- officials – its future perspectives are not so bright (the studio is duced in Ukraine on the basis of the studios of Roman Balayan and state owned). Victor Prikhodko. Odessa Film Studio was founded in 1919. By the end of 2005 it has One of the most significant players of the Ukrainian market is Studio acquired a status of the Closed Joined Stock Company. According to Bairak (producer Oksana Bairak) whose feature film about Chernobyl the recent information among the owners of the studio are the State tragedy AURORA OR WHAT WAS IN SLEEPING BEAUTY’S DREAM represented by the Fund of State Property (50+1%) and private was chosen to be selected for the Academy Award nomination as stake holders such as Alexander Tkachenko who is the Chairman of the best foreign film category in 2007. the Board of the studio. The reconstruction plan for 1,5 – 2 years is already processed, it implies the full technical re-equipment. Some of the Ukrainian TV channels also produce their own product. Thus Ukrainian Media Group creates TV product for Studio 1+1, Yalta Film Studio was also founded in 1919. Since 2003 CJSC “Yalta and Film UA and Melorama used to be Inter’s own production fa- Film Studio” is fully owned by the Russian company PolycomWest. cilities before 2006. However, the change of ownership and man- Not so long ago Dmitriy Taran was appointed the new director of agement at Inter as well as the current very unstable situation with the studio, he is hoped to revive the once prosperous facility. The Studio 1+1’s ownership do not encourage their leading positions territory which is supposed to be occupied by the studio should be in this area. Polikur Hill.
Alexander Tkachenko (former Chairman of New Channel) has National Cinemateque of Ukraine (NCU) in Kiev has inherited declared his intentions to get into filmmaking quite a few times. “KievNauchFilm” – the largest in Europe specialized studio of non The press has already mentioned the presentation of the copro- live action product. For over half of a century of its existence the duction project of STB, First National Channel and Odessa Film studio has created more than 500 films – laureates of international Studio (currently managed by Alexander Tkachenko) – a series and local festivals. Nowadays NCU offers its clients services of of documentary films under the name of “History and Culture of video copying, converting the film (35 mm) to video, video and Ukraine”. sound editing etc. Also the studio rents out its sound stages and equipment. The channels ICTV, New Channel and STB – a so called «Holding» – according to our information each solve their self production is- According to the opinion of many filmmakers, one of the best stu- sues separately, depending on their financial capabilities. However dios that were built during the Soviet times and still functioning is the ever increasing volume of Ukrainian advertising market can be UkrTeleFilm. It was built specially for the needs of State Television viewed as an indicator that the Holding is soon-to-be considered a and Radio, which has provided for the good conditions for TV significant player on the production market. productions (the complex still belongs to the State Committee of Information, TV Channel “Kultura” is also placed here). Partially the Practically all of the Ukrainian production companies from time studio potential still can be exploited nowadays. 3 sound stages are to time declare their plans to get into theatrical movies produc- currently functioning. tion besides the TV product. This is a world practice and thus it is quite logical that this tendency is soon to enter the Ukrainian There was also a few smaller sound stages spread over Kiev (100- market. 200 м2 each), however only for the needs of companies producing advertising clips. Looking at the list of Ukrainian theatrical movies released over the past few years, one can boldly say that TV production is This pretty much covers all of the Ukrainian production facilities up much more developed in Ukraine that the theatrical one. Before to date. However we would still like to describe a few projects that the previous year, the only Ukrainian theatrical movie was THE are either partially realized or are at the final stage or are declared PRAYER FOR HETMAN MAZEPA. In 2006 there were already of but have not materialized yet. 6 Ukrainian films released theatrically on the big screens of Ukraine: Orange Sky (produced by Cinema), We’ll Get Through! Among those who have publicly announced their intentions to cre- (PRE Production), The Mine (Arthouse Traffic), Happy People, ate own production complexes there is a company that has done Orange Love (CineCity Production and Radio Active) and the most so far to reach its declared goal, its Pro TV that belongs AURORA (Studio Bayrak). The nearest planned release is My to Victor Prikhodko. Pro TV is building its own production studi- Mom Indy by Panopticum. os near Kiev (village Mriya). The studio will occupy the territory of about 30 hectares, which is almost twice as big as Alexander Dovzhenko Film Studio, and bigger than the territory of Mosfilm Production Facilities in Russia. At the moment 2 sound stages (1200 м2 each) are be- Along with the media market boom (especially the TV market), we ing built. Besides, the plan is to create the whole infrastructure can already see the rebirth of the production studio business. Thus, on the territory: make up rooms, prop room, restaurant, cafeteria, a number of new production facilities is being built at the moment administrative buildings, warehouses, etc (total area of which will and the old ones are being reconstructed. be about 10 000 м2). Also the plan also includes a hotel on the territory. We will list the main players of the area. A well known Ukrainian producer Valentin Opalev (Mamadu) is also Firstly we have to mention the Alexander Dovzhenko Film Studio, busy building studios for shooting his own projects. Currently Opalev’s founded in 1928. The Studio occupies the area of 17,5 hectares production structures exploit about 7000 м2 of production area. and hosts 4 functioning sound stages, one of which is considered to be the largest one in Europe. Practically all of the interviewed The plans to build a new contemporary well equipped film studio experts say that the future of the studio depends on its manage- complex were also declared by the owners of “Kiev-Donbass” en- ment (whoever will be assigned to manage it). A lot of filmmakers terprise – Vyacheslav and Alexander Konstantinovsky. Also the are convinced that if the studio continues to be managed by state market is full of rumors that Vlad Ryashin is going to create his own
200 Country Profile Ukraine
production facilities. According to some information Panopticum – velopment with the President of Ukraine. The key factor of this quite a new player on production market – is cherishing the idea of process should be the creation of the modern digital film studio. building its own production complex. According to our rough calculations, we can state that Ukraine has The newest information with regards to the new production stu- production facilities totaling to the area of about 16 000 м2 and min- dio was released during the film festival “Crimea Island” that imum 7 000 м2 of production facilities area is in the process of be- took place in Sevastopol in July. Renown Ukrainian actor Bohdan ing built. This once more serves as the evidence of Ukraine’s great Stupka and Boris Savchenko (the Chairman of National Committee potential as a very perspective player of the filmmaking business of Cinematographers of Ukraine) have told the press that they had and not only on the territory of the former Soviet Union but of the discussed the possible concept of Ukrainian cinematography de- whole Eastern Europe.
Ukrainian Media Law by Squire, Sanders & Dempsey L.L.P. and The Silecky Firm, PC
of Ukraine on Issues Related to Television and Radio Broadcasting Broadcast Media (National Council) can request additional information from a broad- casting company regarding the founders’ or owners’ parent entities. Restrictions on Foreign Ownership Thus, the National Council has the right to request disclosure of the The Law of Ukraine on Television and Radio Broadcasting shareholding structure of any founder, shareholder or participant (Broadcasting Law), as amended, regulates television and radio of a Ukrainian broadcasting company in order to monitor foreign companies in Ukraine. In the past, the Broadcasting Law prohib- ownership in such company. An argument can be made that leg- ited the establishment and operation of broadcasting companies if islators intended to limit the control, direct or indirect, of foreign greater than 30 percent of the equity capital of such companies was entities over broadcasting companies, and other provisions of the foreign investment. On January 12, 2006, the Ukrainian Parliament Broadcasting Law may be interpreted to support that argument. adopted the restated Broadcasting Law, ostensibly cancelled the foreign ownership restriction. However, the revised law contains Neither the Broadcasting Law nor any other currently effective law many inconsistent and ambiguous provisions relating to foreign in- contains any express restrictions on the share of foreign ownership vestor participation in Ukrainian broadcasting companies. in a broadcasting company’s charter fund if ownership is acquired after the legal entity is established. In other words, the Broadcasting Article 12 of the Broadcasting Law, which regulates the establish- Law clearly prohibits the establishment of a broadcasting company ment of a Ukrainian broadcasting company and stipulates require- by foreign entities or individuals, but does not appear to regulate ments for founding documents, prohibits such establishment by their participation therein. foreign entities and individuals. It provides that the participation of foreign individuals and entities in the charter fund of a Ukrainian The Commercial Code stipulates that foreign investments (general- broadcasting company is governed by the Commercial Code of ly speaking) may be prohibited or restricted exclusively by the laws Ukraine. However, the Commercial Code does not currently contain of Ukraine. Therefore, unless there is a prohibition or restriction on specific requirements or limitations for the participation of foreign foreign investments in a law, no other legislative instrument may es- entities in broadcasting companies. tablish such a limitation. Because the adoption of laws is within the exclusive authority of the Parliament of Ukraine, no other authori- It appears, therefore, that a foreign entity or individual may not cur- ties, including the National Council, have the right to establish any rently establish a Ukrainian broadcasting company. However, a for- limitation on foreign investments by issuing legislative acts. eign entity or individual, likely, may be a shareholder or participant in such a company. A distinction can be made between founder, shareholder and participant, but such distinction is not acknowl- Indirect Investment Option edged in any legislative act. A “founder” is a legal entity or individual Although a strong argument can be made that there are no restric- that acquired ownership in a Ukrainian broadcasting company, or a tions on foreign ownership (apart from establishment) in a broad- share in its charter fund, at the time of its establishment. A “share- casting company, as long as the foreign entity or individual is not a holder” or “participant” is a legal entity or individual that acquired founder of such company, an argument can also be made that leg- ownership in a broadcasting company, or a share in its charter islators intended to limit the participation of foreign capital in such fund, from a share sale purchase or other agreement, as permitted companies. Since the restated Broadcasting Law was adopted, by law, after the legal entity was established. there have been discussions in the legal and broadcasting com- munities on whether foreign ownership in broadcasting companies Even after ownership is acquired, a number of provisions of the is, or should be, restricted. Broadcasting Law suggest there may be other restrictions on foreign ownership. For example, Article 24 of the Broadcasting Law stipu- Existing ambiguities in the legislation suggest that the issue of for- lates the documents and information that must be filed to obtain eign investment restrictions may be regulated by the adoption of or extend a broadcasting license. It also provides that, in order to additional amendments to the Broadcasting Law or Commercial ensure compliance with Ukrainian legislation regarding antimonop- Code. It is unclear whether or when the legislators intend to amend oly limitations and limitations on the share of foreign ownership in a Ukrainian broadcasting company’s charter fund, the National Council See Commercial Code, Art. 391, 392. www.amcham.ua 201