Sanoma agrees sale of stake in Russian daily Vedomosti to Ivania

MOSCOW, Apr 30 (PRIME) -- Finnish media holding Sanoma has signed an agreement to sell 33.3% in Russian firm Delovoi Standard, the publisher of leading financial daily Vedomosti, to Ivania Ltd., and agreed to sell its United Press portfolio of titles to MoscowTimes LLC for 8 million euros, Sanoma said Thursday in a statement.

“These transactions are a result of the broad strategic review announced by Sanoma in October 2013 to redesign its consumer media operations. This follows the sale agreement of Sanoma’s stake in Fashion Press signed in December 2014,” the statement read.

“We are confident that these iconic titles are in good hands and will continue to develop as some of Russia’s leading media titles. At the same time, the agreement to sell these assets is an example of our strategy in action, as we look to focus our resources on our core markets, in which we believe we can create the most value for our shareholders,” Sanoma Group President and CEO Harri-Pekka Kaukonen said.

Following this agreement, one title, Grazia, published through Sanoma’s joint venture with Mondadori, remains under strategic review.

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