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Finland’s Sanoma says Russian business not sold yet

September 04, 2014, 15:15 UTC+3 MOSCOW
1 pages in this article

MOSCOW, September 04. /ITAR-TASS/. Finnish media holding Sanoma, a co-owner of Russian business daily Vedomosti, has not yet sold its Russian business, investor relations head Olli Turunen said Thursday, denying a report by local online newspaper Lenta.ru.

“The Russian business has not been sold. Negotiations with interested investors are under way,” Turunen said, adding that the company promised to announce the sale in the third quarter of 2014.

Sanoma has been trying to sell its Russian business, which also includes Sanoma Independent Media, which publishes local versions of Cosmopolitan, Esquire, Harper’s Bazaar, Men’s Health, Woman’s Health, National Geographic and Grazia, since 2013.

Sanoma’s revenue in Russia, Central and East Europe shrank 13% in 2013 to €173.5 million.

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