Vedomosti shareholders decided to sell the newspaper to Demyan Kudryavtsev

Dow Jones and Pearson, which own two-thirds of Vedomosti, decided to sell their shares to Demyan Kudryavtsev. Now he owns a third newspaper. The deal will be closed by the end of the year, the Western companies said in a joint statement. RBCestimated the transaction amount at six million euros.

The press release emphasizes that Western companies decided to sell shares of Vedomosti due to a law that prohibits foreigners from owning more than 20 percent of the Russian media. This law will come into force in 2016.

• Demyan Kudryavtsev bought a third of the Vedomosti newspaper from the Finnish Sanoma in April 2015. At the same time, he acquired the newspaper The Moscow Times and the magazines Menʼs Health, Womenʼs Health, National Geographic, and Harvard Business Review. According to RBC, the transaction amounted to four million euros.