Support The Moscow Times!

Ukraine Crisis Complicates Sale of Sanoma's Russian Assets

Finnish media group Sanoma said Wednesday that the Ukraine crisis had complicated its attempt to sell its Russian assets, Itar-Tass reported, citing company CEO Harri-Pekka Kaukonen.

In October Kaukonen announced that the company was willing to sell its Russian publisher Sanoma Independent Media and that it was focusing its development on assets in Finland, the Netherlands and on learning products.

Sanoma's chief financial officer, Kim Ignatius, said Wednesday that the sale of the holding's Russian assets had also been complicated by the existence of its joint ventures in Russia and Belgium, Itar-Tass reported.

The company has struggled in recent years due to shrinking advertising revenues and the unprofitable purchase of television assets. It's debt reached 1.6 billion euros ($2.2 billion) in 2011.

Sanoma Independent Media publishes Cosmopolitan, Esquire, National Geographic, as well as The Moscow Times. The company owns or co-owns more than 50 publications and media projects.

Read more:

Moscow Times Founder Derk Sauer a Possible Buyer of Sanoma Assets in Russia

… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.


Read more