Sanoma Sells its Stake in Fashion Press and Other Remaining Russian Assets
Sanoma Corporation, Stock Exchange Release,
30 December 2015 at 09:30 CET+1
Sanoma has today agreed to sell its 50% stake in Fashion Press to InVenture Partners, a group of Russia-based investors. Fashion Press publishes popular magazines such as Cosmopolitan and Esquire in Russia. Additionally, Sanoma has agreed to sell the remaining operations in United Press and its 50% stake in Mondadori Independent Media, the publisher of Grazia magazine, to them.
These transactions are a result of the strategic review announced by Sanoma in October 2013 to redesign its consumer media operations, which led to the previously announced divestment of its other Russian assets such as Vedomosti and several leading magazine titles.
The closing of the transactions is subject to governmental approvals and certain other conditions.
Sanoma’s Group Communications, Robin Janszen, tel. +31 6 2293 2634 or email@example.com
Sanoma's Investor Relations, Pekka Rouhiainen, tel. +358 40 739 5897
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