Support The Moscow Times!

U.S. Businessman Offers 50 Million Euros For Sanoma's Russian Media Assets

Peter Gerwe

Finnish media holding Sanoma received a 50 million euro ($63 million) offer from U.S. media entrepreneur Peter Gerwe for its Russian assets in mid-October, but no agreement has yet been reached, Vedomosti reported Thursday, citing Gerwe.

Sanoma, which owns The Moscow Times and a third of Vedomosti, has been looking to dump its Russian assets since last fall after a troubled entry into European television loaded the Finnish company with debt.

Vedomosti reported that Sonoma has notified Hearst, a U.S. media company with which it owns a number of glossy magazines such as Cosmopolitan Russia, that it had received an offer from Gerwe.

Gerwe said the deal is far from being finalized and declined to comment further, Vedomosti reported. His bid for the paper is complicated by a recently signed law will limit foreign ownership of Russian media outlets to 20 percent from 2017.

Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

Please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world's largest country.