Ringier exits Ukrainian media business
A little over two years after entering the market, Ringier is once again pulling out of the Ukrainian media business. Switzerland’s largest media group is selling its subsidiary Free Media Ukraine—which it had acquired in its entirety in the spring of 2006—to the Romanian publishing company SC Adevarul Holding SRL.
A good two years after its entry, Ringier is exiting the Ukrainian media business. The largest Swiss media group is selling its subsidiary Free Media Ukraine, which it acquired 100% of in spring 2006, to the Romanian publishing company SC Adevarul Holding SRL.
Free Media Ukraine is the publisher of the daily newspaper Blik and employs 106 people. As Ringier announced on Thursday, the publisher is making this sale for strategic reasons. In future, the company intends to concentrate on its successful activities in Central and Eastern Europe. Overall, expectations for the Ukrainian market had not been met, the company added.
SC Adevarul Holding SRL will take over all employees and continue to run the publishing house. Managing Director Marco Stettler will oversee the handover of the publishing house in Kiev until the end of October. He will then take on a new, as yet unspecified management role at Ringier.
Ringier currently employs around 7016 people in Switzerland, the Czech Republic, Slovakia, Hungary, Romania, Serbia, Germany, Vietnam and China. The Group publishes 120 newspapers and magazines.
Free Media Ukraine is the publisher of the daily newspaper Blik and employs 106 people. As Ringier announced on Thursday, the publisher is making this sale for strategic reasons. In future, the company intends to concentrate on its successful activities in Central and Eastern Europe. Overall, expectations for the Ukrainian market had not been met, the company added.
SC Adevarul Holding SRL will take over all employees and continue to run the publishing house. Managing Director Marco Stettler will oversee the handover of the publishing house in Kiev until the end of October. He will then take on a new, as yet unspecified management role at Ringier.
Ringier currently employs around 7016 people in Switzerland, the Czech Republic, Slovakia, Hungary, Romania, Serbia, Germany, Vietnam and China. The Group publishes 120 newspapers and magazines.
