Sanoma Sells Russian Assets
Finnish company Sanoma has sold its Russian assets, Vedomosti reports, citing Sergey Azatyan, head of the InVenture Partners fund, who headed the investor pool. Sanoma sold its stake in Hearst Independent Media Publishing, which owns Fashion Press, the publisher of Russian versions of Cosmopolitan, Esquire and other magazines. The company also sold 100 percent of the shares of Mandadori IM LLC, which publishes Grazia magazine in Russia.