A government commission has banned the sale of Fashion Press to Viktor Shkulev and Hearst Communications Inc
The government, namely the government foreign investment commission, did not allow Viktor Shkulev and the American publishing house Hearts to purchase the Fashion Press division from the Finnish media holding Sanoma. The corresponding statement was made by the deputy head of the Federal Antimonopoly Service Andrei Tsyganov, writes "RBC".
The official did not explain the reasons for such a decision of the commission. Participants in the transaction also chose not to comment on the course of the transaction.
Recall that the company Hearst Communications Inc. and HS Holding BV filed an application for permission to conduct the transaction with the FAS back in January of this year. The application was submitted under the new rules, according to which transactions leading to the transfer of over 60 thousand copies to the control of foreign companies of newspapers and magazines must be approved by a government special commission. The circulation of Cosmopolitan is 800 thousand copies.
From January 1 of next year, amendments to the law on mass media come into force, according to which citizens of another country, foreign companies or Russians with citizenship of another country cannot control more than 20% of the media or control the media in Russia.
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With regard to the transaction, there is still the possibility of its closure, after the relevant changes in the format of the transaction itself. So, Hearst and Shkulev now offered Sanoma to restructure the transaction, arranging it in such a way that it does not fall under legislative restrictions. The new version of the transaction involves the purchase of the company Shkulev, who is a citizen of Russia.
Fashion Press is currently the largest company in Sanoma Independent Media. This company publishes such magazines as Cosmopolitan, Harper's Bazaar, Esquire, Home Focus, Popular Mechanics and Robb Report. In this case, half of the company belongs to Herst.
The official did not explain the reasons for such a decision of the commission. Participants in the transaction also chose not to comment on the course of the transaction.
Recall that the company Hearst Communications Inc. and HS Holding BV filed an application for permission to conduct the transaction with the FAS back in January of this year. The application was submitted under the new rules, according to which transactions leading to the transfer of over 60 thousand copies to the control of foreign companies of newspapers and magazines must be approved by a government special commission. The circulation of Cosmopolitan is 800 thousand copies.
From January 1 of next year, amendments to the law on mass media come into force, according to which citizens of another country, foreign companies or Russians with citizenship of another country cannot control more than 20% of the media or control the media in Russia.
')
With regard to the transaction, there is still the possibility of its closure, after the relevant changes in the format of the transaction itself. So, Hearst and Shkulev now offered Sanoma to restructure the transaction, arranging it in such a way that it does not fall under legislative restrictions. The new version of the transaction involves the purchase of the company Shkulev, who is a citizen of Russia.
Fashion Press is currently the largest company in Sanoma Independent Media. This company publishes such magazines as Cosmopolitan, Harper's Bazaar, Esquire, Home Focus, Popular Mechanics and Robb Report. In this case, half of the company belongs to Herst.
Source: https://habr.com/ru/post/291618/
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