As a result of the Russian law on mass media, which prohibit foreigners from owning more than 20% of the mass media companies, Egmont revises its strategy in Russia. The local management in the current Egmont Russia have taken over all Egmont’s activities in Russia.
The new company will continue to be a close partner to Egmont. According to the Russian law on mass media, foreigners are prohibited from owning more than 20% of the mass media companies.
As a result, Egmont has decided to sell the Russian company including all Russian publishing rights to the existing management in Russia.
Lev Yelin, current Managing Director in Egmont Russia, says:
"Having spent 23 years in Egmont, I had time to really appreciate the spirit of the company, its creative strength and its values. I am glad that as an independent Russian company we are moving to mutually beneficial cooperation. My best regards and wishes go to many friends whom I hope to see again in Frankfurt, London or Bologna.”
A strong partnership remains
Torsten Bjerre Rasmussen, CEO Egmont Publishing, is also content with the new set-up:
“The new company will still be a part of Egmont’s global set-up and will remain a strong partner for us. We will continue our close cooperation and I am glad that we have found a great solution with Lev and his team in this challenging situation.”
The transfer will take effect from May 17th 2016.