Edipresse quits Russia over new ownership legislation

Edipresse-KonligaThe Edipresse Group, Swiss-based publishers of over 40 Russian women’s interest and DIY consumer titles and 12 websites, has sold Edipresse-Konliga and quit Russia because of the new legislative restrictions on foreign media ownership, according to a report on its website. 
As from 2016, foreign publishers are prohibited from owning more than 20% in Russian media concerns and, while Edipresse initially looked at scaling back its ownership to comply with the new legislation, it came to the conclusion that it would be unprofitable to remain a minority shareholder and decided to pull out completely.
With a total adult readership of some 5.7 million Edipresse-Konliga is one of Russia’s top ten publishing houses. Its titles include Knitting is for you, Culinary WorkshopTrendy hairstyles and Waiting for Baby.

Source: Rosbalt