By Anthony Shevlin

Ceconomy AG (CEC.XE) said Thursday its major holding Media-Saturn is in advanced discussions with SAFMAR Financial Investments (SFIN.MZ) regarding a possible sale of its loss-making Russian MediaMarkt business.

The German company said the transaction would eliminate the operative losses of Media-Saturn's Russian business and would be consistent with Ceconomy's strategy.

Ceconomy said Media-Saturn would pay around 258 million euros ($303.5 million) for a 15% stake in SAFMAR's M.Video (MVID.MZ) business, a Russian consumer-electronics retailer.

Write to Anthony Shevlin at anthony.shevlin@dowjones.com

(END) Dow Jones Newswires

June 14, 2018 13:06 ET (17:06 GMT)

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