Exhibit 10.70  CTC MEDIA, INC. NOTICE OF GRANT OF STOCK OPTION  Notice is hereby given of the following option grant
(the Option) to purchase shares of the Common Stock of CTC Media, Inc.
(the Corporation):  Optionee:  Anna Poutko  Grant Date:  December 6, 2007  Exercise Price:  $25.04 per share  Number of Option Shares:
50,000 shares  Expiration Date:  December 6, 2017  Type of Option:
  o  Incentive
  Stock Optionx  Non-Statutory
  Stock Option  Date Exercisable:  The Option shall become exercisable with
respect to the Option Shares as follows:  Aggregate Number of Option Shares forDate
  
  which
  the Option is then ExercisableOn and after
  December 31, 2007
  
  868On and after
  March 31, 2008
  
  3,939On and after
  June 30, 2008
  
  7,010On and after
  September 30, 2008
  
  10,080On and after
  December 31, 2008
  
  13,151On and after
  March 31, 2009
  
  16,222On and after
  June 30, 2009
  
  19,293On and after
  September 30, 2009
  
  22,363On and after
  December 31, 2009
  
  25,434On and after March 31,
  2010
  
  28,504On and after
  June 30, 2010
  
  31,575On and after
  September 30, 2010
  
  34,646On and after
  December 31, 2010
  
  37,717On and after
  March 31, 2011
  
  40,787On and after
  June 30, 2011
  
  43,858On and after
  September 30, 2011
  
  46,929On and after
  December 5, 2011
  
  50,000  Optionee understands and agrees that the Option is
granted subject to and in accordance with the terms of the CTC Media, Inc.
(f/k/a StoryFirst Communications, Inc.) 1997 Stock Option/Stock Issuance
Plan (as amended to date, the Plan). 
Optionee further agrees to be


bound by the terms of the Plan and the terms of the Option as set forth
in the Stock Option Agreement attached hereto as Exhibit A and
incorporated herein by reference.  Optionee hereby acknowledges receipt of a copy of the
Plan in the form attached hereto as Exhibit B.  No Employment or Service
Contract.  Nothing in
this Notice or in the attached Stock Option Agreement or Plan shall confer upon
Optionee any right to continue in Service for any period of specific duration
or interfere with or otherwise restrict in any way the rights of the
Corporation (or any Parent or Subsidiary employing or retaining Optionee) or of
Optionee, which rights are hereby expressly reserved by each, to terminate Optionees
Service at any time for any reason, with or without cause.  Definitions.  All capitalized terms in this Notice shall
have the meaning assigned to them in this Notice or in the attached Stock
Option Agreement.   December 6, 2007CTC MEDIA, INC.By:
  /s/ Alexander RodnyanskyTitle:
  Chief Executive Officer/s/ Anna PoutkoAnna Poutko


EXHIBIT A  STOCK OPTION AGREEMENT


CTC MEDIA, INC. STOCK OPTION AGREEMENT  RECITALS  A.The Board has adopted the Plan for the purpose of retaining
the services of selected Employees, non-employee members of the Board or the
board of directors of any Parent or Subsidiary and consultants and other
independent advisors in the service of the Corporation (or any Parent or
Subsidiary).  B.Optionee is to render
valuable services to the Corporation (or a Parent or Subsidiary), and this
Agreement is executed pursuant to, and is intended to carry out the purposes
of, the Plan in connection with the Corporations grant of
an option to Optionee.  C.All capitalized terms in this Agreement shall have the
meaning assigned to them in the attached Appendix.  NOW, THEREFORE, it is
hereby agreed as follows:  1.             Grant of
Option.  The Corporation
hereby grants to Optionee, as of the Grant Date, an option to purchase up to
the number of Option Shares specified in the Grant Notice.  The Option Shares shall be purchasable from
time to time during the option term specified in Paragraph 2 at the Exercise
Price.  2.             Option
Term.  This option shall
have a term of ten (10) years measured from the Grant Date and shall
accordingly expire at the close of business on the Expiration Date, unless
sooner terminated in accordance with Paragraph 5 or 6.  3.Limited
Transferability.  During Optionees lifetime, this option shall be exercisable only by
Optionee and shall not be assignable or transferable other than by will or by
the laws of descent and distribution following Optionees death.  4.             Dates of Exercise.  This option shall become exercisable for the
Option Shares in one or more installments as specified in the Grant
Notice.  As the option becomes
exercisable for such installments, those installments shall accumulate and the
option shall remain exercisable for the accumulated installments until the
Expiration Date or sooner termination of the option term under Paragraph 5 or
6.  5.             Cessation of Service.  The option term specified in Paragraph 2
shall terminate (and this option shall cease to be outstanding) prior to the
Expiration Date should any of the following provisions become applicable:  (a)           Should
Optionee cease to remain in Service for any reason (other than death or
Disability) while this option is outstanding, then Optionee shall have a period
of ninety (90) days (commencing with the date of such cessation of Service)
during which to exercise this option, but in no event shall this option be
exercisable at any time after the Expiration Date.


(b)           Should
Optionee die while this option is outstanding, then the personal representative
of Optionees estate or the person or persons to whom the option is transferred
pursuant to Optionees will or in accordance with the laws of inheritance shall
have the right to exercise this option. 
Such right shall lapse, and this option shall cease to be outstanding,
upon the earlier of (i) the expiration of the twelve (12) month period
measured from the date of Optionees death or (ii) the Expiration Date.  (c)           Should
Optionee cease Service by reason of Disability while this option is
outstanding, then Optionee shall have a period of twelve (12) months
(commencing with the date of such cessation of Service) during which to
exercise this option.  In no event shall
this option be exercisable at any time after the Expiration Date.  (d)           During
the limited period of post-Service exercisability, (i) this option may not
be exercised in the aggregate for more than the number of Option Shares for
which this Option is, at the time of Optionees cessation of Service,
exercisable pursuant to the exercise schedule specified in the Grant Notice or
the special acceleration provisions of Paragraph 6 and (ii) this Option
may not be exercised at all if the Optionee is in breach of any non-competition
or non-solicitation provisions of any employment agreement with the
Corporation.  Upon the expiration of such
limited exercise period or (if earlier) upon the Expiration Date, this option
shall terminate and cease to be outstanding for any vested Option Shares for
which the option has not been exercised. 
To the extent Optionee is not vested in the Option Shares at the time of
Optionees cessation of Service, this option shall immediately terminate and
cease to be outstanding with respect to those shares.  6.             Acceleration of Option.  (a)           In the
event of any Corporate Transaction, the exercisability of this option, to the
extent this option is not otherwise fully exercisable, shall automatically
accelerate in full so that this option shall, immediately prior to the
effective date of the Corporate Transaction, become fully exercisable for all
the Option Shares and may be exercised for any or all of those Option Shares as
fully-vested shares of Common Stock. 
However, the exercisability of the Option Shares shall not so accelerate if and to the extent: (i) this option
is assumed by the successor corporation (or parent thereof) in the Corporate
Transaction of this option to the extent this option is not otherwise fully
exercisable or (ii) this option is to be replaced with a cash incentive
program of the successor corporation which preserves the spread existing on the
unvested Option Shares at the time of the Corporate Transaction (the excess of
the Fair Market Value of those Option Shares over the Exercise Price payable
for such shares) and provides for subsequent payout in accordance with the same
exercise schedule applicable to those unvested Option Shares as set forth in
the Grant Notice unless, in either case, the Plan Administrator has determined
that the exercisability of the Option Shares shall accelerate automatically
upon the occurrence of a Corporate Transaction regardless of whether those
options are to be assumed or replaced in the Corporate Transaction.  (b)           Immediately
following the Corporate Transaction, this option shall terminate and cease to
be outstanding, except to the extent assumed by the successor corporation (or
parent thereof) in connection with the Corporate Transaction.  (c)           If this
option is assumed in connection with a Corporate Transaction, then this option
shall be appropriately adjusted, immediately after such Corporate  2


Transaction, to apply to the number and class of securities which would
have been issuable to Optionee in consummation of such Corporate Transaction
had the option been exercised immediately prior to such Corporate Transaction,
and appropriate adjustments shall also be made to the Exercise Price, provided
the aggregate Exercise Price shall remain the same.  (d)This Agreement shall not in any way affect the right of the
Corporation to adjust, reclassify, reorganize or otherwise change its capital
or business structure or to merge, consolidate, dissolve, liquidate or sell or
transfer all or any part of its business or assets.  7.Adjustment in Option Shares.  Should any change
be made to the Common Stock by reason of any stock split, stock dividend,
recapitalization, combination of shares, exchange of shares or other change
affecting the outstanding Common Stock as a class without the Corporations
receipt of consideration, appropriate adjustments shall be made to (i) the
total number and/or class of securities subject to this option and (ii) the
Exercise Price in order to reflect such change and thereby preclude a dilution
or enlargement of benefits hereunder.  8.Shareholder Rights.  The holder of this
option shall not have any shareholder rights with respect to the Option Shares
until such person shall have exercised the option, paid the Exercise Price and
become a holder of record of the purchased shares.  9.Manner of Exercising Option.  (a)In order to exercise this option with respect to all or any
part of the Option Shares for which this option is at the time exercisable,
Optionee (or any other person or persons exercising the option) must take the
following actions:  (i)Execute and deliver to the Corporation an Exercise Notice.  (ii)Pay the aggregate Exercise Price for the purchased shares in
one or more of the following forms:  (A)cash or check made payable to the Corporation or by wire
transfer to an account designated by the Corporation; or  (B)a promissory note payable to the Corporation, but only to
the extent authorized by the Plan Administrator in accordance with Paragraph
13.  Should the
Common Stock be registered under Section 12(g) of the 1934 Act at the
time the option is exercised, then the Exercise Price may also be paid as
follows:  (C)in shares of Common Stock held by Optionee (or any other
person or persons exercising the option) for the requisite period necessary to
avoid a charge to the Corporations earnings for financial reporting purposes
and valued at Fair Market Value on the Exercise Date; or  3


(D)through a special sale and remittance procedure pursuant to
which Optionee (or any other person or persons exercising the option) shall
concurrently provide irrevocable written instructions (a) to a
Corporation-designated brokerage firm to effect the immediate sale of the
purchased shares and remit to the Corporation, out of the sale proceeds
available on the settlement date, sufficient funds to cover the aggregate
Exercise Price payable for the purchased shares plus all applicable federal,
state and local income and employment taxes required to be withheld by the
Corporation by reason of such exercise and (b) to the Corporation to
deliver the certificates for the purchased shares directly to such brokerage
firm in order to complete the sale.  Except to
the extent the sale and remittance procedure is utilized in connection with the
option exercise, payment of the Exercise Price must accompany the Exercise
Notice delivered to the Corporation in connection with the option exercise.  (iii)Furnish to the Corporation appropriate documentation that
the person or persons exercising the option (if other than Optionee) have the
right to exercise this option.  (iv)Execute and deliver to the Corporation such written
representations as may be requested by the Corporation in order for it to
comply with the applicable requirements of Federal and state securities laws.  (v)Make appropriate arrangements with the Corporation (or
Parent or Subsidiary employing or retaining Optionee) for the satisfaction of
all federal, state and local income and employment tax withholding requirements
applicable to the option exercise.  (b)As soon as practical after the Exercise Date, the
Corporation shall issue to or on behalf of Optionee (or any other person or
persons exercising this option) a certificate for the purchased Option Shares,
with the appropriate legends affixed thereto.  (c)In no event may this option be exercised for any fractional
shares.  10.Compliance with Laws and Regulations.  (a)The exercise of this option and the issuance of the Option
Shares upon such exercise shall be subject to compliance by the Corporation and
Optionee with all applicable requirements of law relating thereto and with all
applicable regulations of any stock exchange (or the Nasdaq Global Market, if
applicable) on which the Common Stock may be listed for trading at the time of
such exercise and issuance.  (b)The inability of the Corporation to obtain approval from any
regulatory body having authority deemed by the Corporation to be necessary to
the lawful issuance and sale of any Common Stock pursuant to this option shall
relieve the Corporation of any liability with respect to the non-issuance or
sale of the Common Stock as to which such approval shall not have been
obtained.  The Corporation, however,
shall use its best efforts to obtain all such approvals.  4


11.Successors and Assigns.  Except to the
extent otherwise provided in Paragraphs 3 and 6, the provisions of this
Agreement shall inure to the benefit of, and be binding upon, the Corporation
and its successors and assigns and Optionee, Optionees assigns and the legal
representatives, heirs and legatees of Optionees estate.  12.Notices.  Any notice required to be given or delivered
to the Corporation under the terms of this Agreement shall be in writing and
addressed to the Corporation at its principal corporate offices.  Any notice required to be given or delivered
to Optionee shall be in writing and addressed to Optionee at the address
indicated below Optionees signature line on the Grant Notice.  All notices shall be deemed effective upon
personal delivery or upon deposit in the mail, postage prepaid and properly
addressed to the party to be notified.  13.Financing.  The Plan Administrator may, in its absolute
discretion and without any obligation to do so, permit Optionee to pay the
Exercise Price for the purchased Option Shares by delivering a full-recourse,
interest-bearing promissory note secured by those Option Shares.  The payment schedule in effect for any such
promissory note shall be established by the Plan Administrator in its sole
discretion.  14.Construction.  This Agreement and the option evidenced
hereby are made and granted pursuant to the Plan and are in all respects
limited by and subject to the terms of the Plan.  All decisions of the Plan Administrator with
respect to any question or issue arising under the Plan or this Agreement shall
be conclusive and binding on all persons having an interest in this option.  15.Governing Law.  The interpretation,
performance and enforcement of this Agreement shall be governed by the laws of
the State of Delaware without resort to that States conflict-of-laws rules.  16.Shareholder Approval.  If the Option
Shares covered by this Agreement exceed, as of the Grant Date, the number of
shares of Common Stock which may be issued under the Plan as last approved by
the shareholders, then this option shall be void with respect to such excess
shares, unless shareholder approval of an amendment sufficiently increasing the
number of shares of Common Stock issuable under the Plan is obtained in
accordance with the provisions of the Plan.  5


APPENDIX  The following definitions shall be
in effect under the Agreement:  A.Agreement shall mean this
Stock Option Agreement.  B.Board shall mean the Corporations Board of
Directors.  C.Common Stock shall mean the
Corporations common stock.  D.Corporate Transaction shall
mean either of the following shareholder-approved transactions to which the
Corporation is a party:  (i)a merger or consolidation in which securities possessing
more than fifty percent (50%) of the total combined voting power of the
Corporations outstanding securities are transferred to a person or persons
different from the persons holding those securities immediately prior to such
transaction, or  (ii)the sale, transfer or other disposition of all or
substantially all of the Corporations assets in complete liquidation or
dissolution of the Corporation.  E.Corporation shall mean CTC
Media, Inc., a Delaware corporation.  F.Disability shall mean the
inability of Optionee to engage in any substantial gainful activity by reason
of any medically determinable physical or mental impairment and shall be
determined by the Plan Administrator on the basis of such medical evidence as
the Plan Administrator deems warranted under the circumstances.  Disability shall be deemed to constitute Permanent Disability in the event that such Disability is
expected to result in death or has lasted or can be expected to last for a
continuous period of twelve (12) months or more.  G.Employee shall mean an
individual who is in the employ of the Corporation (or any Parent or
Subsidiary), subject to the control and direction of the employer entity as to
both the work to be performed and the manner and method of performance.  H.Exercise Date shall mean
the date on which the option shall have been exercised in accordance with
Paragraph 9 of the Agreement.  I.Exercise Price shall mean
the exercise price payable per Option Share as specified in the Grant Notice.  J.Expiration Date shall mean
the date on which the option expires as specified in the Grant Notice.  K.Exercise Notice shall mean
the notice substantially in the form of Exhibit A hereto.  L.Fair Market Value per share
of Common Stock on any relevant date shall be determined in accordance with the
following provisions:  (i)If the Common Stock is at the time traded on the Nasdaq
Global Market, then the Fair Market Value shall be the closing selling price
per share of Common Stock on the date in question, as the price is reported by
the National Association of Securities  A-1


Dealers on the
Nasdaq Global Market or any successor system. 
If there is no closing selling price for the Common Stock on the date in
question, then the Fair Market Value shall be the closing selling price on the
last preceding date for which such quotation exists.  (ii)If the Common Stock is at the time listed on any stock
exchange, then the Fair Market Value shall be the closing selling price per
share of Common Stock on the date in question on the stock exchange determined
by the Plan Administrator to be the primary market for the Common Stock, as
such price is officially quoted in the composite tape of transactions on such
exchange.  If there is no closing selling
price for the Common Stock on the date in question, then the Fair Market Value
shall be the closing selling price on the last preceding date for which such
quotation exists.  (iii)If the Common Stock is at the time neither listed on any
stock exchange nor traded on the Nasdaq Global Market, then the Fair Market
Value shall be determined by the Plan Administrator after taking into account
such factors as the Plan Administrator shall deem appropriate.  M.Grant Date shall mean the
date of grant of the option as specified in the Grant Notice.  N.Grant Notice shall mean the
Notice of Grant of Stock Option accompanying the Agreement, pursuant to which
Optionee has been informed of the basic terms of the option evidenced hereby.  O.1934 Act shall mean the
Securities Exchange Act of 1934, as amended.  P.Option Shares shall mean
the number of shares of Common Stock subject to the option.  Q.Optionee shall mean the
person to whom the option is granted as specified in the Grant Notice.  R.Parent shall mean any
corporation (other than the Corporation) in an unbroken chain of corporations
ending with the Corporation, provided each corporation in the unbroken chain
(other than the Corporation) owns, at the time of the determination, stock
possessing fifty percent (50%) or more of the total combined voting power of
all classes of stock in one of the other corporations in such chain.  S.Plan shall mean the
Corporations 1997 Stock Option/Stock Issuance Plan.  T.Plan Administrator shall
mean either the Board or a committee of the Board acting in its capacity as
administrator of the Plan.  U.Service shall mean the
Optionees performance of services for the Corporation (or any Parent or
Subsidiary) in the capacity of an Employee, a non-employee member of the board
of directors or an independent consultant.  V.Subsidiary shall mean any
corporation (other than the Corporation) in an unbroken chain of corporations
beginning with the Corporation, provided each corporation (other than the  A-2


last corporation) in the unbroken chain owns, at the time of the
determination, stock possessing fifty percent (50%) or more of the total
combined voting power of all classes of stock in one of  the other corporations in such chain.  A-3


Exhibit A  EXERCISE NOTICE  The undersigned, pursuant to the
provisions set forth in his/her Notice of Grant of Stock Option dated December 6,
2007 (the Option), hereby elects to exercise the Option to purchase                 
Option Shares.  The aggregate Exercise
Price is being paid as follows (check one):  o
  In cash, cheque or wire transfero
  By promissory note*o
  By delivery of shares of Common
  Stock of the Corporation already held by the undersigned*o
  Through the special sale and
  remittance program in accordance with Section 9(a)(ii)(D) of the
  Stock Option Agreement  
 * Prior consent of
the Corporation must be received to pay the Exercise Price in this manner (which consent is at the sole discretion of the
Corporation).  Signature:Name:Date: