9. COMMITMENTS AND CONTINGENCIES Amendment to Mass Media law As previously disclosed, the amended Mass Media Law will reduce the permitted level of foreign ownership in Russian mass media companies, including television broadcasters, from 50% direct ownership to 20% beneficial ownership or control, whether direct or indirect. The law does not provide for "grandfathering" of existing foreign ownership interests. The law will come into force on January 1, 2016. No amendments to or waivers from the Mass Media Law have been approved to date, and accordingly each Russian mass media entity, including television broadcasters, must comply with the requirement that non-Russian entities and individuals in the aggregate beneficially own no greater than 20% of the relevant mass media entity by such time. Russian entities and individuals that beneficially own interests in Russian mass media businesses greater than 20% through off-shore holding structures will have an additional year in which to restructure such foreign holding structures. CTC Media is a Delaware corporation that directly and indirectly owns 100% of the shares of a series of Russian legal entities that operate the CTC business in Russia. CTC Media's Russian operations have historically contributed more than 90% of the group's revenues and net income. CTC Media's stockholders include MTG Russia AB, a Swedish company that is 100% indirectly owned by Modern Times Group MTG AB, a Swedish listed company, which holds approximately 39% of the Company's outstanding common stock; Telcrest Investments Limited, a Cypriot limited company that is indirectly beneficially owned by Russian entities and individuals, which holds approximately 25% of the Company's outstanding common stock; and a number of public stockholders, which include numerous U.S. and European investors, which together hold the remaining approximately 36% of the Company's outstanding common stock. As a consequence, neither the Delaware parent company nor the current beneficial ownership structure of the Co