January 10, 2006
Sanoma divested minority share in the Russian Smena
Sanoma, part of the SanomaWSOY Group, has sold its 30% minority share in the ZAO Smena (corporation), publisher of the daily newspaper Smena in Russia. The buyer is Baltic Media Group, the majority shareholder of ZAO Smena.
In line with our strategy, we divested our minority share, which had no added value to SanomaWSOY's operations in Russia, says Mikael Pentikäinen, President of Sanoma Corporation.
The deal will have no effect on Sanoma's result for 2007.
Independent Media, part of the Group's magazine division Sanoma Magazines, will continue magazine and newspaper publishing in Russia in line with its strategy. Independent Media's product range includes, in addition to some 30 magazines, the financial daily Vedomosti and the English-language newspapers The Moscow Times and The St. Petersburg Times.
Sanoma is part of the SanomaWSOY Group.
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