Free to fly

Providence Equity Partners, which in August invested $100 million in NBC and Fox's Hulu project, has invested $200 million into Ukraine's Volia Cable, reports Blognation Russia.

Volia is the leading Ukranian cable TV and Internet access provider. It serves 900,000 homes in four cities within Ukraine.

Russian media companies are fast coming of age, as Russia beat other countries in Europe with the highest recent rate of internet adoption.

Last week, in a move that evoked memories of Facebook's value inflation, South Africa's Naspers took a 2.6 percent stake in Russian firm Mail.ru, valuing the company at $1 billion — a first for a Russia-based internet company.

Mail.ru is the largest free web mail service in Russia.