Sanoma Corporation, Stock Exchange Release, 18 December 2014 at 9:00 CET+1
Sanoma has today signed a sale and purchase agreement with the owners of Hearst Shkulev Media to divest Sanoma Independent Media’s 50% stake in Fashion Press, which publishes popular magazines in Russia such as Cosmopolitan and Esquire.
The transaction is part of the broad strategic review announced by Sanoma in October 2013 to redesign its consumer media operations and assess future options.
The closing of the transaction is subject to regulatory approvals including Government Commission on Monitoring Foreign Investment in Russian Federation. Sanoma estimates that the net impact on equity will be around EUR -10 million.
Commenting on the agreement, Sanoma’s President and CEO Harri-Pekka Kaukonen said: “This is another key milestone in implementing our strategy, as we look to focus our resources on our core markets, where we believe we can create the most value for our shareholders. We are confident that the Fashion Press brands, such as Cosmopolitan and Esquire, will be in good hands, and we will continue to assess our strategic options for the remaining assets within Sanoma Independent Media’s portfolio.”
Sanoma’s Investor Relations, Olli Turunen, tel. +358 40 552 8907
For media inquiries
Sanoma’s Group Communications, Robin Janszen, tel. +31 6 2293 2643
Get the world. Sanoma helps people access and understand the world.
We believe in a world full of opportunities, feelings, reactions and inspiration. A world that you can reach, influence, explore and share. We want to make it yours.
Sanoma is a front running consumer media and learning company in Europe. In Finland and The Netherlands we are the market leading media company with a broad presence across multiple platforms. Our main markets in learning are Belgium, Finland, the Netherlands, Poland and Sweden. In 2013, Sanoma’s net sales totalled EUR 2.1 billion. Sanoma is listed on the NASDAQ OMX Helsinki stock exchange.