- Half of Russia’s printed media may be gone by year-end
- CNN International withdraws from Russia
- Bill to cut foreign media investments feared to infringe on media independence in Russia
- Russian MPs calling for excluding TV channels from ban on foreign participation in media
- Russia says cutting foreign media ownership ‘common international practice’
- Russian State Duma cuts foreign ownership in Russian media to 20%
HELSINKI, February 5. /TASS/. Finnish Sanoma publishers, a shareholder of the Russian Vedomosti newspaper, posted €40.4 mln losses in Russia and Ukraine due to impairment of assets and devaluation of national currencies, the company said.
Sanoma’s operating losses during the reporting period totaled €109.2 mln against the €22.8 mln a year ago. The operating loss is largely explained by the goodwill and intangibles’ write-off, translation differences and costs of structural changes, the company added.
The net loss of Sanoma totaled €104.1 mln in Q4 2014 as compared to €31.2 mln a year earlier. Revenues dropped 12% in the reporting period from €517.5 mln to €452.5 mln.
Sanoma’s key Russian asset is a stake in Sanoma Independent Media (SIM) publishers. SIM consists of several companies publishing Cosmopolitan, Esquire, Harper`s Bazaar, Men`s Health, Woman`s Health, National Geographic, and Grazia magazines. Sanoma is publishing the Vedomosti newspaper in cooperation with Dow Jones (the founder of The Wall Street Journal) and FT Group (the founder of Financial Times).