dow jones pearson sell stake in last russian liberal daily
Last Updated : GMT 23:56:24
Arab Today, arab today
Arab Today, arab today

Dow Jones, Pearson sell stake in last Russian liberal daily

Arab Today, arab today

Arab Today, arab today Dow Jones, Pearson sell stake in last Russian liberal daily

Russian liberal daily
Moscow - AFP

Dow Jones and Pearson (Xetra: 858266 - news) announced Friday plans to sell their stakes in the Russian daily Vedomosti, opening the way for a local businessman to consolidate control of the few critical voices left in the Moscow press.

The agreement will see Russia's last liberal daily be put completely under Russian control and will make it more vulnerable to Kremlin (LSE: 0Q8D.L - news) pressure, media experts said.

"Due to the newly passed law limiting foreign ownership of media organisations in Russia, Dow Jones and Pearson have entered into an agreement to divest their stakes in Vedomosti," they said in a statement.

The companies will sell their shares to the family of former journalist and media executive Damian Kudryavtsev.

The newspaper had been jointly owned by Finnish media company Sanoma (LSE: 0JLQ.L - news) , Dow Jones and Pearson, and comes out on salmon newsprint like the Pearson's flagship daily, The Financial Times.

Sanoma agreed in April (LSE: 0N69.L - news) to sell its 33.3 percent stake in Vedomosti to Kudryavtsev.

A Russian law passed last year caps foreign media ownership at 20 percent beginning in February 2016.

The Financial Times quoted a person close to the deal as calling the new Russian legislation "practically an expropriation of foreign media."

Vedomosti is a daily paper focused on business and industry news whose editorial section has become an increasingly vital platform for dissenting voices and debate on political life in Russia.

It (Other OTC: ITGL - news) often publishes reporting and analysis critical of the Kremlin.

The transaction is expected to close before the end of the year, when the new law comes into force, the companies said.

The companies did not say how much Kudryavtsev had paid for the stakes and a spokesman declined to comment.

- Editorial staff 'sorry' -

"We are very proud of the work we have done with Vedomosti and our contribution to independent press in Russia for the past 15 years," Dow Jones and Pearson said.

"The quality and integrity of the Vedomosti editorial team is outstanding and both the FT and The Wall Street Journal plan to continue licensing content to Vedomosti to provide high-quality, international news to readers in Russia."

Vedomosti editor Tatyana Lysova said that the newspaper's foreign owners would have kept their stakes were it not for the controversial law.

"All our editorial staff and me are very sorry that this proved impossible," she said in a statement posted on her Facebook (NasdaqGS: FB - news) page.

"The partnership with these great publications has been an honour for us," she said, adding that the foreign companies had chosen not to keep 10 percent each due to their corporate policies.

Kudryavtsev told AFP he did not plan any major editorial changes "for now."

In comments published by Vedomosti, he said he was happy to be part of the newspaper.

"I am sure that it will protect the interests of its readers, supplying them with important information in a quick and impartial manner," he was quoted as saying.

Lysova said the entrepreneur had offered her a seat on the board of a company that controls Vedomosti and that she agreed.

"My desire to continue working at Vedomosti will depend on how my cooperation with the new shareholder and his representatives will develop," she said.

- 'Makes pressure easier' -

Critics accuse strongman Vladimir Putin of steadily suppressing independent media and opposition parties since coming to power in 2000.

The crackdown intensified after he returned to the Kremlin for a third term in 2012 following huge protests against his rule.

Alexei Simonov, head of the Glasnost Defence Foundation, Russia's oldest media non-governmental organisation, said the fact that Vedomosti would now be fully in Russian hands did not bode well for the publication.

"I think the paper should have balance," Simonov told AFP.

"The existence of a single owner always makes pressure on a media outlet easier," he added.

Kudryavtsev bought Russia's English-language publication The Moscow Times and several other titles from Sanoma earlier this year.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

dow jones pearson sell stake in last russian liberal daily dow jones pearson sell stake in last russian liberal daily

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

dow jones pearson sell stake in last russian liberal daily dow jones pearson sell stake in last russian liberal daily

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Banyan Tree Phuket Takes Festive Season

GMT 01:34 2017 Friday ,17 November

Banyan Tree Phuket Takes Festive Season
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Israel ready to cooperate with Saudi

GMT 06:31 2017 Friday ,17 November

Israel ready to cooperate with Saudi
Arab Today, arab today Top Democrat faces investigation

GMT 09:50 2017 Friday ,17 November

Top Democrat faces investigation
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today Angola oil boss sacked by father's protege

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Urban, young and active?

GMT 11:01 2017 Thursday ,16 November

Urban, young and active?
Arab Today, arab today Ayten Amer happy for “The Flood” success

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success
Arab Today, arab today Unloved vultures fight for their survival

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 08:21 2017 Tuesday ,14 November

Nelly Karim focuses on humanitarian roles

GMT 09:23 2017 Wednesday ,15 November

Years melt away as Bening & Bell play unlikely lovers

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 13:40 2017 Monday ,13 November

Pollution spikes in Delhi amid warnings

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 10:55 2017 Thursday ,16 November

UN warns fuel running out

GMT 01:04 2017 Wednesday ,15 November

In Morocco, a blue tourist town

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday