Sanoma agrees sale of stake in Vedomosti and other leading titles in Russia
Sanoma Corporation, Stock Exchange Release, 30 April 2015 at 9:00 CET+1
Sanoma has signed a sale and purchase agreement with Ivania Ltd. for the company’s 33.3% stake in Delovoi Standard, which is the publisher of Russia’s leading daily financial newspaper Vedomosti. Additionally, Sanoma has agreed to sell its United Press portfolio of titles to MoscowTimes LLC.
These transactions are a result of the broad strategic review announced by Sanoma in October 2013 to redesign its consumer media operations. This follows the sale agreement of Sanoma’s stake in Fashion Press signed in December 2014.
Sanoma estimates that it will book at the closing a non-recurring capital gain of around EUR 8 million before currency translation adjustment.
Commenting on the agreement, Sanoma Group President and CEO Harri-Pekka Kaukonen said: “We are confident that these iconic titles are in good hands and will continue to develop as some of Russia’s leading media titles. At the same time, the agreement to sell these assets is an example of our strategy in action, as we look to focus our resources on our core markets, in which we believe we can create the most value for our shareholders.”
Following this agreement, one title, Grazia, published through Sanoma’s joint venture with Mondadori, remains under strategic review.
Sanoma’s Group Communications, Robin Janszen, tel. +31 6 2293 2643 or firstname.lastname@example.org
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