Alexander Luzhkov, the son of ex-mayor of Moscow, sold his two outdoor advertising companies to the News Outdoor business group, the Kommersant business daily said on Wednesday.
The deal includes selling 497 roadside billboards 23 rooftop ad shields.
News Outdoor Managing Director Maxim Tkachev and former co-founder of one of the sold companies, Valery Shekhovtsev, confirmed the deal. Luzhkov was not immediately available for a comment.
Reports of the deal came on the day when ex-mayor Yuri Luzhkov is to be questioned as part of an inquiry linked to a 13-billion ruble ($444 million) bank loan.
Luzhkov's family members started selling their business assets following his resignation in September last year after a public row with President Dmitry Medvedev.
His billionaire wife Yelena Baturina, Russia's richest woman and founder of the Inteco real estate empire, has sold many assets, including the Verkhnebakansky cement plant in south Russia for an estimated 15-20 billion rubles ($490-$650 million).