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Tycoon Prokhorov set to buy Russian Newsweek

© RIA Novosti . Sergei Guneev / Go to the photo bankRussian billionaire Mikhail Prokhorov
Russian billionaire Mikhail Prokhorov - Sputnik International
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Russian tycoon Mikhail Prokhorov's ONEXIM Group may become the next publisher of Russian Newsweek magazine.

Russian tycoon Mikhail Prokhorov's ONEXIM Group may become the next publisher of Russian Newsweek magazine.

German newspaper group Axel Springer has been putting out Russian Newsweek since 2004, but the group's publishing license runs out later this fall and it doesn't want to extend it, citing losses, the Kommersant newspaper reported on Wednesday.

ONEXIM media manager Sergei Lavrukhin has met with Russian Newsweek's executives.

Axel Springer CEO Regina von Flemming warned the magazine's employees last week that Russian Newsweek may be jettisoned as soon as October, sources in the group's headquarters told Kommersant.

However, editor-in-chief Mikhail Fishman said the magazine was "working as normal."

Russian Newsweek, once one of the country's most popular business periodicals, loses around $0.5 million every year, while publishing expenses amount to $3-4 million, experts say.

The previous owner of Newsweek Inc, The Washington Post, sold it to U.S. audio tycoon Sidney Harman for $1 in August.

Axel Springer is the publisher of Forbes, OK! and ComputerBild magazines in Russia.

Prokhorov owns two major media assets, the RBK holding and the Zhivi! (Live!) group.

 

MOSCOW, September 29 (RIA Novosti)

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