The chief of the multimedia empire News Corporation, Rupert Murdoch, has reached a strategic decision to expand the company presence on the Russian market.

The corporation is developing a plan to swallow up some of Russia's key advertising companies operating on the domestic market, as well as in former USSR republics, Tass learned on Tuesday.

With that in view, News Corporation has appealed to the European Bank for Reconstruction and Development for getting a purpose loan of more than 130 million dollars. It is expected that the EBRD board of directors will consider the application already next week.

Murdoch's empire is expected to invest 223 million dollars in the Russian market within the framework of the program. However, it is not yet clear whether the money will be spent only on the market of advertisement, or part of it will be spent on purchasing mass media in Russia.

Source: Agencies