SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* Alfa CTC Holdings LTD (Last) (First) (Middle) THEMISTOKLI DERVI 5, ELENION BUILDING, 2ND FLOOR, (Street) NICOSIA G4 1066 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 12/27/2006	3. Issuer Name and Ticker or Trading Symbol CTC Media, Inc. [ CTCM ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)	5. If Amendment, Date of Original Filed (Month/Day/Year)
			6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	9,167,464(1)(2)(3)	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person* Alfa CTC Holdings LTD (Last) (First) (Middle) THEMISTOKLI DERVI 5, ELENION BUILDING, 2ND FLOOR, (Street) NICOSIA G4 1066 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* CTF HOLDINGS LTD (Last) (First) (Middle) SUITE 2 4 IRISH PLACE (Street) GILBRALTAR J1 00000 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* CROWN FINANCE FOUNDATION (Last) (First) (Middle) AM SHRAGEN WEG 14 PO BOX 1618 (Street) VADUZ LIECHTENSTEIN N2 00000 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* ALFA FINANCE HOLDINGS SA (Last) (First) (Middle) 3, BLD DU PRINCE HENRI (Street) LUXEMBOURG N4 L-1724 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. Alfa Finance Holdings S.A. ("Alfa Finance") is the sole shareholder of Alfa CTC Holdings Limited.

2. CTF Holdings Limited indirectly owns a majority of the shares of Alfa Finance. CTF Holdings disclaims beneficial ownership of these securities except to the extent of its pecuniary interest therein, and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of all of the reported shares for purposes of Section 16 or for any other purpose.

3. Crown Finance is the sole shareholder of CTF Holdings. Crown Finance disclaims beneficial ownership of these securities except to the extent of its pecuniary interest therein, and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of all of the reported shares for purposes of Section 16 or for any other purpose.

Remarks:

Exhibit List ------------ Exhibit 24 - A conformed copy of the Power of Attorney authorizing Franz Wolf to sign this Form 3 on behalf of Crown Finance Foundation.

	/s/ Maria Pitta	12/29/2006
	CTF Holdings Limited By: /s/ Franz Wolf Name, Title: Franz Wolf, Director on behalf of CTF Holdings Limited	12/29/2006
	Crown Finance Foundation By: /s/ Franz Wolf Name, Title: Franz Wolf, Attorney-in-fact on behalf of Crown Finance Foundation	12/29/2006
	Alfa Finance Holdings S.A. By: /s/ Pavel Nazarian Name, Title: Pavel Nazarian, Director of Headquarters on behalf of Alfa Finance Holdings S.A.	12/29/2006
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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