Axel Springer Russia: License agreement for NEWSWEEK will not be prolonged

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Axel Springer Russia: License agreement for NEWSWEEK will not be prolonged

To press release overview

Axel Springer Russia, a wholly-owned subsidiary of German Axel Springer AG, restructures its portfolio of media brands. With respect to economic reasons, the license agreement in force since 2004 with NEWSWEEK Inc. regarding the edition of the general interest magazine RUSSKY NEWSWEEK will not be extended. The edition of RUSSKY NEWSWEEK released on October 18, 2010, is the brand’s last issue. It is intended, that the current editor-in-chief Mikhail Fishman, 37, will overtake other journalistic tasks in Axel Springer AG, as a correspondent for Russia and CIS countries for WELT Group. In the future the Axel Springer Russia remains with the business magazine FORBES, the Russian edition of computer magazine COMPUTER BILD, the celebrities’ magazine OK! and the newly in April 2010 acquired magazines GEO, GALA Biography, GEO Traveller and GEOLENOK.

Ralph Buechi, President Axel Springer International at Axel Springer AG: "We are proud that RUSSKY NEWSWEEK has been prominent, award-winning and met the highest standards of journalistic work for six years. We thank editor–in-chief Mikhail Fishman and all journalists and employees of the editorial and publishing house for their excellent work. Unfortunately, we have failed to bring the magazine to a firm economic base and we could not create a prosperous perspective. With respect to these circumstances, we decided not to renew the expired license agreement with NEWSWEEK Inc. Axel Springer Russia has an excellent market position thanks to its portfolio of numerous successful media brands and we will direct our efforts to further develop and acquire profitable business in the future .”

Press contact: Christian Garrels
Tel: +49 30 2591 77651