FX.co ★ Western media conglomerates leave Russia

In the near future the German Axel Springer media group will leave the Russian market. Such exports are received almost every day. The lion's share of Western concerns is getting rid of Russian assets.

According to RBC, Alexander Fedotov, the owner of Artcom Media Group, intends to buy the major part of assets in media industry. It is noted that it is about 80% of magazines owned by the group's Russian department - Forbes, OK!, GEO, L`Officiel, Port and others.

An offer for sale of the whole business from the Swiss edition Edipresse has already appeared. The number of popular magazines, which were developed by the company, included such as «Самая», «Мама, это я!», «Любимая дача» and «Вязание для вас» (totaling around 30 names).

The senior executives of the largest foreign publishing house, which made solid investments in business development in the Russian Federation, appealed to Vladimir Putin to move the entry into force of the law by one year. The answer has not been received yet.

The Public Expertise fund manager Igor Yakovenko believes that such a large scale outflow of western investments, capital and management from the Russian media market cannot be prevented. As Yakovenko explained it was planned.