UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 5)*

CTC MEDIA, INC.

(Name of Issuer)

Common Stock, Par Value $0.01 Per Share

(Title of Class of Securities)

12642X 10 6

(CUSIP Number)

Marilyn W. Sonnie

Jones Day

222 East 41st Street

New York, New York 10017-6702

(212) 326-3939

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

June 1, 2011

(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.  ¨

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

This Amendment No. 5 on Schedule 13D (this “Amendment”) relates to shares of common stock, $0.01 par value per share (the “Shares”), of CTC Media, Inc., a Delaware corporation (the “Issuer”). This Amendment supplementally amends the initial statement on Schedule 13D, filed December 29, 2006, Amendment No. 1 on Schedule 13D, filed June 27, 2007, Amendment No. 2 on Schedule 13D, filed September 9, 2008, Amendment No. 3 on Schedule 13D, filed April 27, 2011 and Amendment No. 4 on Schedule 13D, filed May 20, 2011 (as amended, the “Existing Statement” and together with this Amendment, the “Statement”), by Alfa Capital Holdings (Cyprus) Ltd., ABH Financial Limited, ABH Holdings Corp., Alfa CTC Holdings Limited, Alfa Finance Holdings S.A., CTF Holdings Limited and Crown Finance Foundation. Except as provided herein, this Amendment does not modify any of the information previously reported in the Existing Statement.

This Amendment is being filed on behalf of each of Alfa CTC Holdings Limited, a Cyprus company (“Alfa CTC”), Alfa Finance Holdings S.A., a British Virgin Islands limited liability company (“Alfa Finance”), CTF Holdings Limited, a Gibraltar limited liability company (“CTF Holdings”), and Crown Finance Foundation, a Liechtenstein foundation (“Crown Finance” and collectively with Alfa CTC, Alfa Finance and CTF Holdings, the “Reporting Persons”).

Item 5(c) of the Existing Statement is hereby supplementally amended as follows:

On June 1, 2011, the sale of Shares held by Alfa CTC to Telcrest Investments Limited (the “Buyer”) contemplated by the share sale and purchase agreement, dated May 20, 2011, between Alfa CTC, Alfa Finance and Buyer (the “SPA”) closed, and Alfa CTC sold 39,548,896 Shares, representing all of the Shares held by Alfa CTC, to the Buyer on the terms and conditions specified in the SPA for $27.097080 per share in cash.

Item 5(e) of the Existing Statement is hereby supplementally amended as follows:

As of the closing of the SPA on June 1, 2011, the Reporting Persons ceased to be beneficial owners of any Shares.

The Exhibit Index is incorporated herein by reference.

Signature

After reasonable inquiry and to the best of their knowledge and belief, the undersigned certify that the information set forth in this Statement is true, complete, and correct.

EXHIBIT INDEX