HELSINKI (Reuters) - Finnish media house Sanoma said on Thursday it had agreed to sell its stake in Delovoi Standard, the publisher of Russian financial newspaper Vedomosti, and a handful of magazine titles in the country as it looks to exit the market.
It said it would sell its 33 percent stake in Delovoi to Ivania Ltd, a company held by Damian Kudryavtsev, chief executive of publisher Kommersant, according to Vedomosti’s web site.
Sanoma is also selling some of its magazine titles including National Geographic and Moscow Times to a new company MoscowTimes LLC, and will book a capital gain of 8 million euros ($8.9 million) from both deals.
In December, Sanoma announced a deal to sell its 50 percent stake in Russia’s Fashion Press to Hearst Shkulev Media, partly owned by U.S. Hearst Corp, but Russia’s Anti-Monopoly Service postponed the sale amid tighter rules concerning foreign ownership of Russian media.
Sanoma has in recent years been closing and cutting non-core assets as it looks to focus on its key markets, Finland and the Netherlands.
($1 = 0.9016 euros)
Reporting by Anna Ercanbrack; Editing by Jussi Rosendahl and David Evans