Sanoma Corporation, Stock Exchange Release, 6 August 2015 at 9:00 CET+1
Sanoma was informed that the Russian Government Commission for Monitoring Foreign Investments has at this time decided not to issue approval for the sale of Sanoma’s 50% stake in Fashion Press, the publisher of popular magazines in Russia such as Cosmopolitan and Esquire, to Hearst Communications Inc.
The transaction was part of the broad strategic review announced by Sanoma in October 2013 to redesign its consumer media operations.
The strategic review of Sanoma’s 50% stake in Fashion Press will continue. Commenting on the announcement, Sanoma’s President and CEO Harri-Pekka Kaukonen said: “Throughout the strategic review process, we have had numerous expressions of interest from a variety of potential buyers. While we are disappointed not to be able to close the deal in its current agreed form, we will remain focused on considering all strategic options and hope to find a suitable solution for Fashion Press that allows us to focus on our core domestic markets.”
The sale of Russian daily financial newspaper Vedomosti to Ivania Ltd and the Russian magazines of United Press to Moscow Times LLC were announced in April 2015. These transactions have been closed.
Sanoma’s Group Communications, Robin Janszen, tel. +31 6 2293 2643
Sanoma’s Investor Relations, Olli Turunen, tel. +358 40 552 8907
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