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Newsweek Russia folds

Russky Newsweek will cease publication this week following Axel Springer Russia’s decision not to renew its licence agreement with Newsweek.

Axel Springer Russia, the publisher of the Russian edition of Newsweek since 2004, has cited financial difficulties for the closure. Despite a national readership of 200,000, annual losses have been estimated at $500,000.

Axel Springer had been in talks with billionaire Mickhail Prokhorov, owner of Snob and Russky Pioner magazines and RBK media holdings to take over the magazine. A spokesperson for Prokhorov however, said that early stage talks had been discontinued.

Editor in chief Mikhail Fishman will continue working with Axel Springer as a correspondent for Russia and CIS countries for Welt newspaper group.

Axel Springer Russia will continue to publish Russian editions of Forbes magazine, Computer Bild, OK!, and the recently acquired Geo, Gala Biography, Geo Traveller, Geolenok

Lynsey Barber, London