Independent Media Sanoma Magazines Russia, part of Sanoma Magazines International, has agreed to buy 55% of the shares of the Russian magazine publisher Lux Media. At the same time, Independent Media has gotten the option to acquire the remaining 45% of the Lux Media shares any time before 2012.
This acquisition strengthens Independent Media’s position in the Russian glossy magazine market. The closing of the transaction is expected to take place during the second quarter of 2008. The acquisition is subject to receiving regulatory registrations.
Lux Media’s title portfolio consists of the fashion magazine Collezioni, the real estate magazine Homes Overseas, and Wedding, a bridal title. The company employs 50 people (fulltime equivalents). The founder of Lux Media, Artyom Keand, will remain with the company as General Director.
Derk Sauer, Chairman of the Supervisory Board of Independent Media Sanoma Magazines, comments: «The Lux Media titles complement our portfolio very well and strengthen our position in the luxury market. We see good potential to build and expand Lux Media and we look forward to a successful co-operation.»
About Independent Media Sanoma Magazines Russia
Independent Media Russia is part of Sanoma Magazines International, headquartered in Amsterdam (the Netherlands). Sanoma Magazines International is a business of Sanoma Magazines, one of the largest consumer magazine publishers in Europe. Sanoma Magazines International is responsible for the activities of Sanoma Magazines in Russia and Central, Eastern and South East Europe. Sanoma Magazines publishes more than 300 magazines in thirteen different countries. Apart from developing its strong portfolio of magazine brands, Sanoma Magazines is rapidly expanding its business to digital media platforms. Sanoma Magazines is part of the SanomaWSOY Group, a strong European media group operating in diverse fields of media in more than 20 countries.