Axel Springer quits Russia over new media law

18/09/2015

Axel Springer Germany’s Axel Springer has decided to pull out of Russian and has sold 100% of its Russia assets to Alexander Fedotov, owner of the Artcom Media publishing house. The decision comes a week after it was rumoured to be about to sell Fedotov an 80% stake in its Russian business in order to comply with new legislation limiting foreign ownership of the country’s media outlets to 20%.
Artcom will now take control of the Russian version of Forbes, OK! and GEO. The value of the deal has not been disclosed. 
“We regret that we are forced to leave the Russian market due to the entry into force of amendments to the federal law on mass media, restricting the rights of foreign citizens,” Ralph Buchi, president of Axel Springer International, said in a statement.

Source: Lenta