A Fire in Pressa Publishing House first broke in one of the offices of Komsomolskaya Pravda, February 13, 2006.
Photo: Alexander Miridonov
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Norwegians Attempt to Induce Truth
Selling Komsomolskaya Pravda Publishing House to Gazprom Media Holding, which announcement has been expected for a few recent months, will probably drag on. Owner of 25 percent in the Publishing House, Norwegian A-pressen has attracted Renaissance Capital for appraisal. The purpose of it, media market speculates, is to step up the worth of the stake.
A-pressen is going to change strategy for 25.01-percent stake in Komsomolskaya Pravda Publishing House, said Alf Hildrum, who is the president of A-pressen. So, they have attracted Renaissance Capital to think of possible variants of the strategy, including potential sale of the stake, Hildrum specified.
Until recently, A-pressen had had no intention to dispose of the stake in one of the leading publishing houses in Russia, a few market players said. But in summer, the market learnt that Prof-Media was negotiating the sale of 50.05 percent in it to Gazprom Media. The parties agreed on the price of $130 million to $150 million for the 100 percent in Komsomolskaya Pravda, but the Norwegians, who have the right of first refusal for the stocks, view this price underestimated.
Komsomolskaya Pravda costs between $250 million and $300 million, said its General Director Vladimir Sungorkin, refusing to elaborate “for reasons of policy.”
Attraction of Renaissance Capital signals A-pressen will sell its stake for sure. The buyer does not need to be Gazprom Media, supposed one of TNS Gallup Media directors Ruslan Tagiev.
“In the media industry, there will be hardly anyone to think of partnership with Gazprom but for the division that is its partner,” Pronto Moscow GD Leonid Makaron disagreed with Tagiev.
In addition to Komsomolskaya Pravda newspaper, Komsomolskaya Pravda Publishing House releases Sovetsky Sport and Express Gazeta. Prof-Media owns more than 50 percent, A-pressen has over 25 percent. The remainder is split between individuals including Vladimir Sungorkin, editor-in-chief and general director of the Publishing House.
Prof-Media GD Rafael Akopov declined to comment in detail yesterday. He made clear they had received no respective inquires from A-pressen and congratulated Renaissance Capital with a new mandate.
www.kommersant.com
All the Article in Russian as of Oct. 13, 2006
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