KIEV, November 16 (Sputnik) —A number of well-known Sanoma Media magazines including the Esquire Ukraine, National Geographic, Harper’s Bazaar and Men’s Health are closing down in Ukraine, the local news website Novoye Vremya (New Time) reported Sunday.
According to Novoye Vremya, the mass closure of the magazines is caused by the downturn on the Ukraine’s print media market and the financial difficulties of the Finnish Sanoma Media Corporation, which was struggling to sell its magazine business in Russia and Ukraine for a long time.
The official statement on the magazines’ closure is expected to follow on Monday, November 17.
In 2013 the Finnish Sanoma Corporation announced its plans to restructure its media business in Central and Eastern Europe in order to concentrate on the Finnish and Dutch markets, as well as on the rapidly growing European educational publishing market. Earlier in November, Sanoma Corporation has sold its Croatian operations.