Official internet-portal of St. Petersburg, cultural capital of Russia
Petersburg CITY / Guide to St. Petersburg, Russia
Printed from:
Business news, 21.06.2002 12:56

Russia’s Leading Newspaper Becomes Partly Norwegian

As from this week, Norwegian media group, A-pressen, owns 25% plus one share in Russia’s leading newspaper Komsomolskaya Pravda.

5% of the shares were sold to A-pressen by Prof-Media, who is still the majority shareholder in Komsomolskaya Pravda, and the remaining 20% came from individual shareholders. The value of the deal is between $5 million and $7.5 million, depending on the newspaper’s results within the next two years. Komsomolskaya Pravda sells approximately 780,000 copies of its daily edition and 2.8 million copies of the weekly one. The Norwegian media group is not a newcomer on the Russian market. It has been active in the country since 1997 and has stakes in several Russian journals and newspapers, such as Peterburg-Express, Izvestie and Sovetskij Sport. A-pressen has also been investing money in printing presses and the company recently launched a $3 million pressing house in Novosibirsk, in addition to two similar plants already functioning in Yekaterinburg and Nizhny Novgorod.

News source: Komersant

(c) 2000