Massive production house created in Russian

Services giant Sistema has formed a joint venture with Russian World Studios to create the country's largest television and film production company.

The venture is expected to generate between two and three hundred million dollars in revenue per year.

The move is part of Sistema's strategy to develop its businesses, apart from its core telecoms activites.

It will own 51% of the joint venture. RWS management will get 49%.

RWS contributed all of its assets, including production and shooting fascilities.

Sistema contributed its film studio in St-Petersburg and Thema Production, previously part of Sistema Mass Media.