Norwegian Schibsted has acquired 66.7 percent in Regional Independent Newspapers Co., the owner of St. Petersubrg Moy Rayon (My District) newspaper network.
Photo: Mikhail Razuvaev
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Schibsted Pays $3.3m for Community Newspaper in St. Petersburg
Norwegian Schibsted has acquired 66.7 percent in Regional Independent Newspapers Co., the owner of St. Petersburg Moy Rayon (My District) newspaper network. The company’s intention to funnel $7.7 million to the project and to launch the newspaper in Moscow signals the investment potential of the printed media market in Russia has not expired.
Schibsted paid $3.3 million for 66.7 percent in Regional Independent Newspapers, said Moy Rayon Marketing Director Alexandra Skachkova. Around $4.4 million will be invested in promoting Moy Rayon before late this year.
Schibsted’s interest in Russia roots in the lucrative development of the country’s media market, where the printed advertising gained 16 percent past year, having climbed from $1.2 billion to $1.39 billion, according to Association of Russia’s Communication Agencies.
Backed up by Norwegian funds, Skachkova said, Moy Rayon is expected to emerge in Moscow before late this summer and to expand in St. Petersburg by covering the region and creating an Internet-portal.
Moy Rayon Weekly has been released since October 15, 2002; its audience is 605,600 people; weekly circulation – 360,000 copies. It is distributed in 13 regions of St. Petersburg. And it is not just promotion, Moy Rayon is rather a community newspaper with the editorial articles covering 60 percent of it.
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All the Article in Russian as of Mar. 28, 2006
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