Sanoma sells stake in Vedomosti and other titles in Russia
Sanoma says the deals are a result of its broad strategic review announced in October 2013 to redesign its consumer media operations. This most recent deal follows the sale agreement of Sanoma’s stake in Fashion Press signed in December 2014.
Sanoma estimates that it will book at the closing a non-recurring capital gain of around €8m before currency translation adjustment.
Commenting on the agreement, Sanoma group president and CEO Harri-Pekka Kaukonen said: “We are confident that these iconic titles are in good hands and will continue to develop as some of Russia’s leading media titles. At the same time, the agreement to sell these assets is an example of our strategy in action, as we look to focus our resources on our core markets, in which we believe we can create the most value for our shareholders.”
Following this agreement, one title, Grazia, published through Sanoma’s joint venture with Mondadori, remains under strategic review.
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