Attention! Important news!
Moscow, March 3, 03
Joint Press Release by Prof-Media and Independent Media
Russia Media Group Prof-Media today acquired 35% of the shares in Independent Media.
The transaction follows on the news that the Founders of Independent Media re-purchased the shares formerly held by VNU (35%) and Menatep SA (10%).
In the new set up the Independent Media Founders own 65% of the company and Prof-Media 35%.
This transaction is the first practical act in the creation of the strategic alliance between two major media companies in Russia.
"VNU and Menatep we had two great shareholders," said Derk Sauer, CEO of Independent Media, "but a change in their company strategies made a continuation of our relationship no longer appropriate."
Communications group VNU recently sold all its consumer magazine interests to focus on business information activities, and Menatep does not regard media as a core business any more.
"This strategic alliance between our two companies create unique opportunities and competitive advantages," said Vadim Gorainov, CEO of Prof-Media, "Idependent Media" is the leader in the field of magazines, Profmedia enjoys the leading position on Russian nation-wide newspapers market. Together we cover a wide spectrum."
"This is a historic development for the Russian media market," said Derk Sauer, "we see many opportunities for our companies to cooperate in fields such as distribution, promotion, printing and publishing."
As a part of establishing strategic partnership the two companies also announced that Sovietski Sport (a Prof-Media company) and IM will create a 50/50 joint venture that will soon launch a glossy monthly sport magazine on the Russian market.
About Independent Media
IM publishes Cosmopolitan, Cosmo Magia, Harpers Bazaar, Domashni Ochag, Popular Mechanics (in a Joint Venture with Hearst), The Moscow Times, St Petersburg Times, Vedomosti (in a Joint Venture with Financial Times and The Wall Street Journal), Men's Health, FHM, Yes, Formula Zdorovia, Na Rublevke, Agro Business
About Prof-Media:
PM publishes Izvestia, Komsomolskaya Pravda, Sovietski Sport, Express Gazeta, Expert, Finansovy Director; also owns Avtoradio, Energia, Novosti on-line FM-stations, Prime-TASS news agency, Prof-Media Print printing location and Segodnya Press distribution network.
Joint Press Release by Prof-Media and Independent Media
Russia Media Group Prof-Media today acquired 35% of the shares in Independent Media.
The transaction follows on the news that the Founders of Independent Media re-purchased the shares formerly held by VNU (35%) and Menatep SA (10%).
In the new set up the Independent Media Founders own 65% of the company and Prof-Media 35%.
This transaction is the first practical act in the creation of the strategic alliance between two major media companies in Russia.
"VNU and Menatep we had two great shareholders," said Derk Sauer, CEO of Independent Media, "but a change in their company strategies made a continuation of our relationship no longer appropriate."
Communications group VNU recently sold all its consumer magazine interests to focus on business information activities, and Menatep does not regard media as a core business any more.
"This strategic alliance between our two companies create unique opportunities and competitive advantages," said Vadim Gorainov, CEO of Prof-Media, "Idependent Media" is the leader in the field of magazines, Profmedia enjoys the leading position on Russian nation-wide newspapers market. Together we cover a wide spectrum."
"This is a historic development for the Russian media market," said Derk Sauer, "we see many opportunities for our companies to cooperate in fields such as distribution, promotion, printing and publishing."
As a part of establishing strategic partnership the two companies also announced that Sovietski Sport (a Prof-Media company) and IM will create a 50/50 joint venture that will soon launch a glossy monthly sport magazine on the Russian market.
About Independent Media
IM publishes Cosmopolitan, Cosmo Magia, Harpers Bazaar, Domashni Ochag, Popular Mechanics (in a Joint Venture with Hearst), The Moscow Times, St Petersburg Times, Vedomosti (in a Joint Venture with Financial Times and The Wall Street Journal), Men's Health, FHM, Yes, Formula Zdorovia, Na Rublevke, Agro Business
About Prof-Media:
PM publishes Izvestia, Komsomolskaya Pravda, Sovietski Sport, Express Gazeta, Expert, Finansovy Director; also owns Avtoradio, Energia, Novosti on-line FM-stations, Prime-TASS news agency, Prof-Media Print printing location and Segodnya Press distribution network.
