Support The Moscow Times!

Pearson and Dow Jones Sell Russia's Vedomosti Newspaper

Demyan Kudryavtsev

Pearson and Dow Jones have agreed to sell their stakes in Russia's Vedomosti newspaper to a local businessman, transferring one of the country's most respected independent business dailies into Russian hands for the first time.

Demyan Kudryavtsev, an Internet entrepreneur and former media manager, confirmed to The Moscow Times he had bought the 33 percent stakes owned by the British and U.S. media groups.

Kudryavtsev already owned the remaining third of Vedomosti after buying it from Finland's Sanoma earlier this year — meaning that the paper has gone from a fully foreign- to fully Russian-owned newspaper in some six months.

The change comes as Russia's media landscape is turned upside down by legislation barring foreigners from owning more than 20 percent of shares in Russian media firms. The law was passed last year at the height of tensions over the Ukraine crisis and comes into force on Jan. 1, 2016. Seen by many as a way to increase the Kremlin's control of information, the law has seen a flood of foreign publications and television networks, including investigative ones such as Forbes magazine, transferred to local hands.

Kudryavtsev said Friday he did not seek the deal, and would rather have remained partnered with The Financial Times and The Wall Street Journal, the newspapers owned by Pearson and Dow Jones. He said there would be no immediate changes to Vedomosti's staff, and that he “intends to respect” the paper's editorial independence.

Vedomosti was founded in 1999 as a joint venture between the FT, the WSJ and Independent Media, a publishing house owned by Dutch media entrepreneur Derk Sauer. The newspaper's barbed and often anti-Kremlin editorials have not stopped it becoming influential among Russia's elite.

The purchase cements Kudryavtsev as a major player on Russia's media scene. Kudryavtsev, a former CEO of Russian publishing house Kommersant, bought The Moscow Times, National Geographic and Women's and Men's Health, among other titles, from Sanoma earlier this year.

Kudryavtsev said the value of the deal, which is expected to close later this year, is subject to a non-disclosure agreement.

Dow Jones and Pearson said in a joint statement Friday afternoon: “The quality and integrity of the Vedomosti editorial team is outstanding and both the FT and the WSJ plan to continue licensing content to Vedomosti to provide high-quality, international news to readers in Russia."

Sign up for our free weekly newsletter

Our weekly newsletter contains a hand-picked selection of news, features, analysiss and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview
Subscribers agree to the Privacy Policy

A Message from The Moscow Times:

Dear readers,

We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."

These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.

We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.

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 every contribution makes a significant impact.

By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more