The Wall Street Journal, the Financial Times and Independent Media, publisher of The Moscow Times, announced today that they will jointly launch a Russian business newspaper in August. The new publication, the name of which is yet to be finally determined, will be published in the Russian language daily, Tuesday through Saturday; while intended to become a national daily, its initial circulation will be centered in Moscow and St. Petersburg.
The new publication will draw primarily from original content created by a dedicated staff of 20 Russian reporters and editors and also from content from The Financial Times and The Wall Street Journal translated into Russian.
The newspaper will be owned one-third each by Dow Jones & Company, publisher of The Wall Street Journal; Pearson plc, owner of The Financial Times; and Independent Media, publisher of The Moscow Times and the Russian editions of such leading titles as Cosmopolitan, Good Housekeeping, and Men's Health magazines.
Leonid Bershidsky will serve as editor of the new publication. Bershidsky, 27, is currently business editor of The Moscow Times. Tony Robinson, former Moscow bureau chief for The Financial Times, will serve as consulting editor, overseeing the newspaper's use of Wall Street Journal and Financial Times news content on a day-to-day basis, while Wall Street Journal Europe editor Frederick Kempe will also serve as supervisory editor. Derk Sauer, CEO of Independent Media, will be managing director and publisher of the publication. The joint venture will be overseen by a six-person board of directors, with two representatives from each of Independent Media, Pearson and Dow Jones.
David Bell, chairman of The Financial Times Group, said, "Russia poses some unique challenges and opportunities that require a unique response?and that's what this venture is. Joining forces both with Independent Media and Dow Jones & Company is an effective and relatively low risk way of creating the best business newspaper for Russia. It builds on Pearson's strengths in Europe, not only with the Financial Times, but also with our business newspapers in France, Spain and Portugal. And we believe that, in a modest way, the creation of this Russian language business newspaper will contribute to the successful growth of the Russian economy in the years ahead."
Karen Elliott House, president of Dow Jones' international group, said "This new publication will be Russia's only truly independent business newspaper. It will be a uniquely Russian product, but will draw strength and content from the leading business publications in the U.S and Britain. We think this new venture positions Dow Jones and The Wall Street Journal to take advantage of the vast potential of Eastern Europe's largest market, while maximizing our chances for success. We're very pleased to be launching this venture with Pearson and Independent Media."
Derk Sauer, CEO of Independent Media, said "We feel that as one of the leading publishing houses in Russia, and with a reputation for independent journalism, Independent Media can contribute a lot to this joint venture. And we are of course thrilled to be the first Russian publisher to work together with both The Financial Times and The Wall Street Journal."
About Independent Media
Independent Media was founded in 1992 by Derk Sauer, Annemarie Van Gaal and a group of Dutch investors. The company is still controlled by the founders, but 35% is now owned by the international publishing group VNU and 10% by Russia's Menatep group. Independent Media publishes nine magazines, four newspapers and two trade publications for the Russian market. In addition to Russian Cosmopolitan, Good Housekeeping, Men's Health and The Moscow Times, they include such well-known titles as Marie Claire, Harper's Bazaar, and Playboy.
About The Financial Times and Pearson plc
The Financial Times is printed in London, Frankfurt, New York, Paris, Tokyo, Stockholm, Los Angeles, Leeds, Madrid, Hong Kong, Milan and Chicago. It is read daily by more than one million people in over 140 countries worldwide. In addition to The Financial Times, Les Echos and Expansion, The Financial Times Group includes Financial Times Asset Management, Financial Times Electronic Publishing, Financial Times Business, and 50% shares in FTSE International, AFX News and Business Day. In addition to The Financial Times Group, Pearson plc, the international media group, owns Pearson Television, Penguin Books and Pearson Education.
About The Wall Street Journal and Dow Jones & Company
The Wall Street Journal, The Wall Street Journal Europe, The Asian Wall Street Journal and The Wall Street Journal Interactive Edition have a combined global daily paid circulation of more than 2.2 million. In addition to these and other editions of the Journal, Dow Jones & Company (NYSE: DJ) publishes Barron's and SmartMoney magazines and other periodicals, Dow Jones Newswires, Dow Jones Indexes, Dow Jones Interactive, and the Ottaway group of community newspapers. Dow Jones is co-owner of the CNBC television operations in Asia and Europe, and also provides news content to CNBC in the U.S.
For further information
Dow Jones & Company, New York (media)
Dow Jones & Company, New York (investor relations)
Dow Jones & Company, London
The Financial Times Group, London
Pearson plc, London
Independent Media, Moscow