CTC Media, operator of two Russian television networks that offer entertainment programming, reduced the price range on its IPO from $16-18 to $13.50-15.50 in a sign of weak demand. The company also reduced the number of shares it would offer from 29.4 to 24.7 million shares. A decline in the number of shares insiders planned to sell from 22.2 to 17.5 million shares accounted for the reduction. Timing on the deal is still slated for 5/31.
