Axel Springer rumoured to be quitting Russia

Axel Springer is about to sell an 80% stake in its Russian publishing operation to Alexander Fedotov’s Artcom, according to reports in the RBC news agency over the weekend. The German publisher’s Moscow-based  subsidiary publishes Russian-language versions of Forbes and OK!, and, if true, its decision will be in response to the new law restricting foreign ownership of Russian media organisations to 20%. Switzerland’s Edipresse has gone one step further and is pulling out of Russia altogether, before the legislation comes into effect next year.