20th Nov 2015 18:18
LONDON (Alliance News) - Dow Jones and Pearson PLC on Friday said they plan to divest their stakes in Russian newspaper Vedomosti to the Kudryavtsev family. Damian Kudryavtsev is the former publisher of Kommersant.
Spokespeople for the two companies said: "We are very proud of the work we have done with Vedomosti and our contribution to independent press in Russia for the past 15 years. Due to the newly passed law limiting foreign ownership of media organizations in Russia, Dow Jones and Pearson have entered into an agreement to divest their stakes in Vedomosti."
The transaction is expected to close before the end of the year, when the new law takes effect.
"The quality and integrity of the Vedomosti editorial team is outstanding and both the FT and The Wall Street Journal plan to continue licensing content to Vedomosti to provide high-quality, international news to readers in Russia," the spokespeople said.
Shares in Pearson closed up 0.4% at 818.08 pence on Friday.
By Samuel Agini; [email protected]; @samuelagini
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