SanomaWSOY Corp. Press Release 25 April 2008 at 9:30
Independent Media Russia, part of Sanoma Magazines, the magazine division of the SanomaWSOY Group, has agreed to buy 55% of the shares of the Russian magazine publisher Lux Media. At the same time, Independent Media has gotten the option to acquire the remaining 45% of the Lux Media shares any time before 2012. This acquisition strengthens Independent Media's position in the Russian glossy magazine market. The closing of the transaction is expected to take place during the second quarter of 2008. The acquisition is subject to receiving regulatory registrations.
Lux Media's title portfolio consists of the fashion magazine Collezioni, the real estate magazine Homes Overseas and Wedding, a bridal title. The net sales of Lux Media are approximately EUR 4 million and the company employs 50 persons (full-time equivalents).
The founder of Lux Media, Artyom Keand, will remain with the company as General Director. "The Lux Media titles complement our portfolio very well and strengthen our position in the luxury market. We see good potential to build and expand Lux Media and we look forward to a successful co-operation," comments Derk Sauer, Chairman of the Supervisory Board of Independent Media Russia.
Senior Vice President
Finance and Administration
Independent Media Sanoma Magazines Russia is part of Sanoma Magazines International, which is responsible for Sanoma Magazines' activities in Central, Eastern and South East Europe. Sanoma Magazines publishes more than 300 magazines in 13 different countries and is one of the largest consumer magazine publishers in Europe. Apart from developing its strong portfolio of magazine brands for various reader communities, Sanoma Magazines is expanding its business to other media platforms, with a clear focus on interactivity. Sanoma Magazines is part of the SanomaWSOY Group, a strong European media group operating in diverse fields of media in more than 20 countries.