Translated by

Vedomosti Business of the News of Media




Revenue and Net Profit millions Thousand rub



For 2017 assets "Business of the News of Media" are among:

  • Vedomosti newspaper,
  • division on the organization of conferences and
  • Harvard Business Review.

Performance Indicators

According to GMTs of Rosstat, indicators of activity of Business News Media Ltd (since 2015 the joint-stock company) the following:


  • 2008: 1,386,564 thousand rubles.
  • 2009: 830,104 thousand rubles.
  • 2010: 872,948 thousand rubles.
  • 2011: 1,006,207 thousand rubles.
  • 2012: 1,098,374 thousand rubles.
  • 2013: 1,075,373 thousand rubles. Nearly a quarter of income were provided by Internet advertizing and a payment for access to the electronic version of the newspaper, follows from the presentation of Citibank for potential buyers.
  • 2014: 955,183 thousand rub
  • 2015: 749,058 thousand rub
  • 2016: 783,400 thousand rub
  • 2017: 865,200 thousand rub
  • 2018: 848,600 thousand rub

Net profit (loss):

  • 2008: 24,926 thousand
  • 2009:-85,309 thousand
  • 2010:-60,369 thousand
  • 2011:-26,571 thousand
  • 2012:-4,232 thousand
  • 2013:-34,150 thousand
  • 2014:-203,273 thousand
  • 2015:-289,435 thousand
  • 2016: 58,000 thousand
  • 2017:-62,300 thousand. Revenue from advertizing in the paper version of Vedomosti is more, than revenue from advertizing on the website, spoke in 2017 in Inc interview. the board member of Vedomosti Demyan Kudryavtsev (the owner of the publishing JSC Business news media is JSC Arkan investment, which only shareholder — Demyan Kudryavtsev's wife Yana Moselle-Kudryavtseva). He also noted that for 2.5 years for which he is engaged in management of the newspaper the company goes "with permanent reduction of a loss" and by the end of 2017 is going to get a profit.

"But whether there will be it or will not occur, or I will offer it for the sake of investments into development, into preserving of the fact that it is necessary for me, I cannot tell now. Besides, it is solved not by me, it solves Board of Directors together with management" — Kudryavtsev[1] emphasized[1].

He also noted that he believes what Vedomosti — a product with a multikanalnost on income (advertizing, a subscription, conferences and so on), and in the near future these channels should become more.

  • 2018:-58,400 thousand


For October, 2019 paper issue of Vedomosti is read on average by 192,300 people (data of Mediascope for May – October, 2019), monthly audience of the website of the edition – 13 million unique users.



All deputy chief editors leave after A. Shmarov's appointment the editor-in-chief

On June 15, 2020 it became known that all five deputy chief editors of Vedomosti leave the newspaper in protest at appointment of Andrey Shmarov's edition as the Chief Editor. This is Dmitry Simakov, Boris Safronov, Philip Sterkin, Kirill Kharatyan and Alexander Gubsky. The last works in Vedomosti from the edition basis, the others – about 15 years. Vedomosti is also left by the acting managing director of the website Alexander Chunov and the editor of department of economy Elizabeth Bazanova.

Shmarov since the end of March, 2020 fulfilled duties of the Chief Editor of Vedomosti. On Monday, June 15, it became known that Board of Directors "Business of a news of media" (BNM, the publisher of Vedomosti) approved Shmarov as the Chief Editor. The chairman of the board of directors – the new owner of the edition Ivan Eremin.

Ivan Eremin becomes the only owner of Vedomosti

In May, 2020 Konstantin Zyatkov, the publisher of the Versiya newspaper, left the transaction on purchase of the Vedomosti newspaper, follows from the message of the new owner of the edition of JSC Sapport. Zyatkov confirmed to RBC that he left the transaction.

Support which founder is Ivan Eremin, the head of Federalpress media holding becomes the beneficial owner of Vedomosti.

Earlier Vedomosti reported that Support is under Eremin and Zyatkov's control. However Zyatkov disproved the participation in the transaction. He stated the position in the application on the website "Versions".

"Initially I was going to purchase an asset on a parity basis. Expansion of own publishing projects was planned... A situation in the market because of a coronavirus very difficult. A number of the objective reasons became an obstacle for closing of procedures in originally planned format.

Alexey Golubovich (managing director of Arbat Capital, former partner of Zyatkov in the transaction. — RBC) suspended work on a research of documents of the company" — Zyatkov told.

He explained that he entirely considered purchase of Vedomosti too risky for himself in the current conditions as it would result in need "risk large sums, than the amount of purchase". Besides, it would demand derivation of attention from other projects. Therefore it began search of the new investor then received Ivan Eremin's proposal.

"It more than met the criteria stated above. Under our agreement we did not begin to give further discussions to publicity. The coalitions and a large number of participants are not that it is required for an asset during crisis in the market. Ivan Eremin let know that he is ready to purchase completely an asset, but is not ready to participate below a controlling stake. Having studied the Vedomosti edition, I understood that at the moment time participation in the project with a share less control will be inefficient" — Zyatkov reported.

Federalpress LLC which is headed by Eremin is a large receiver of contracts from the regional authorities. In 2019 the company signed 35 contracts, the majority of which is connected with rendering services in information publicizing of activity of different state agencies and municipal structures.

After the declaration of transition of the edition under Zyatkov's control and JSC Sapport Vedomosti published a column in the section of Opinion marked "From edition" in which observers of the edition Pavel Aptekar and Vladimir Ruvinsky estimated transaction results. "Emergence in a shareholding structure of Vedomosti of the person leading the Federalpress agency which, according to the website of state procurements, actively cooperates with the authorities and separate state institutions and is engaged in "preparation and the publication of materials for the benefit of the customer", cannot but disturb us. It is impossible to exclude that the new owner will try to apply usual to him a business model on the new place, using the sign of Vedomosti for service someone's political and business interests", said in the text of a column.

The lobbyist of Vedomosti Dmitry Bosov committed suicide

According to information Telegram channels, Dmitry Bosov was the main lobbyist of Vedomosti. In May, 2020 he committed suicide.

Suspension of issue of the printing newspaper because of a coronavirus

The Vedomosti newspaper at the end of March, 2020 announced that it will not appear in the printing version within a week, only the website works at this time. The decision is made because of the declaration of the quarantine connected with COVID-19 coronavirus epidemic.

"Generally, there is no place to leave and there is nobody its (newspaper) to carry. The website works uninterruptedly. We will try it somehow, maybe, and to expand", - the Acting Chief Editor of Vedomosti Andrey Shmarov reported RIA Novosti.

Andrey Shmarov is appointed io a glavredaktor

Andrey Shmarov, one of creators of the Ekspert magazine became the acting as the Chief Editor of Vedomosti since March 24.

The annual contract of the previous editor-in-chief Ilya Bulavinov expires on April 23, and he prevented edition that is not going to remain at this position after the expiration of the contract. It notified Zyatkov and Golubovich on a personal meeting on it. Bulavinov became the Chief Editor of Vedomosti in the spring of 2017.

The press secretary of Rosneft Mikhail Leontyev directly participated also in the choice of the new Chief Editor during negotiations Kudryavtsev on the transaction with Golubovich and Zyatkov, the acquaintance of one of participants of these negotiations told. On a request to comment Mikhail Leontyev answered The Bell: "It is some Tryosh, leave alone me, bigger shit, than this newspaper, I did not see in life".

However, actions of the Acting Chief Editor Andrey Shmarov only confirm the version about participation of Rosneft. He at first replaced article heading about the transaction with assets of Rosneft with opposite on sense and profitable Rosneft — and soon removed already published column with criticism of actions of the head of Rosneft Igor Sechin written by the permanent author of Vedomosti, the economist Konstantin Sonin from the website. Also Shmarov prohibited edition to mention sociological service "Levada", having referred to discontent of Presidential Administration.

And on May 8, 2020, the employee of Vedomosti told Medusa, from article ""Rosneft' Shmarov three times will organize in MSU a magistracy on genomics of the person" cut the following text: ""The Russian BBC service' with reference to sources reported that the children's endocrinologist Maria Vorontsova can become the curator of the project. The The New Times magazine in 2016 called her the expected oldest daughter of Putin. Vorontsova is also included into council for program implementation for development of genetic technologies".

The declaration of sale of the edition to A. Golubovich and K. Zyatkov with the assistance of the representative of Rosneft

On March 17, 2020 it was announced that current owners of Vedomosti (formally it is Lasso, and it is informal — Demyan Kudryavtsev with partners) sell Vedomosti (i.e. BNM) to the publisher Konstantin Zyatkov and the financier Alexey Golubovich.

Kudryavtsev so explained the motives on air of Echo of Moscow at the beginning of April: "I say that one and a half months ago we appeared in such situation. Because all these five years it became clear that we cannot any more, there is nothing to put in us. It is impossible to attract the loans now, nobody will give us the credits under "Vedomosti' because it is clear that for these five years country situation unusually changed also "Vedomosti' - it is oppositional though I so do not consider,<…> a resource. It is impossible to receive financing. And we have the only chance — to close and lose everything that we for these five years spent".

"Kudryavtsev sells not the now, and what he purchased on money of creditors. These debts, probably, will be written off because they cannot be returned, and without the consent of creditors it is possible to sell nothing" — the interlocutor of Jellyfish informed on negotiations on sale of Vedomosti says on it[2].

For this reason in sale of the edition the most active part is taken by the main creditor, i.e. Rosneft.

The Bell found the businessman to whom suggested to take Vedomosti in management about one and a half years ago, as a matter of fact. According to him, negotiations were conducted by "the high-ranking person from an environment [the head of "Rosneft' Igor] of Sechin". It was talked of Kudryavtsev's replacement by other rated owner in exchange for management and establishment of control over edition. But continuation of negotiations did not follow — for Rosneft then it was not an issue of utmost importance, the interlocutor of The Bell considers.

Also Kudryavtsev's friend Dmitry Bosov tried to find the buyer for Vedomosti. He suggested the idea how to set control over Vedomosti, to the president of Rosneft Igor Sechin when they had fine relations, the businessman's acquaintance told The Bell. "Someone to someone issued some loans, Kudryavtsev kind of purchased, and they tried to play democracy" — so it describes the beginning of history. But at some point Bosov with Sechin "dispersed" then Bosov even tried to conduct negotiations on sale of Vedomosti, the interlocutor of The Bell adds.

Other acquaintance of Bosov confirms it: "After Bosov's conflict with Sechin Bosov some time itself offered "Vedomosti' in the market. But all were interested — whether and whether really he can sell also the truth that it is a seller and when understood that there the structures close to "Rosneft' — were dissolved".

"Bosov was never an investor as such, the owner of "Vedomosti' or the controlling person" — says the source close to owners of the edition now. Bosses committed suicide on May 6, 2020; his representative for this article refused comments.

And to unaccomplished buyers of Vedomosti the press secretary of Rosneft Mikhail Leontyev suggested to take part in the transaction, one of their mutual friends told The Bell. In a talk with good acquaintances he did not hide that Rosneft has a direct bearing on owners of Vedomosti — however, without going into details; two acquaintances of the press secretary of Rosneft told about this The Bell. One of them remembers: few years ago Leontyev complained how it is heavy to work to him with Kudryavtsev, and said that the decision on replacement of the owner of Vedomosti ripened.

At the same time company management to Zyatkov and Golubovich was transferred already next day, Kudryavtsev announced. The Chief Editor of Vedomosti Ilya Bulavinov a month before the expiration of the labor contract released the post, to fulfill duties of the editor-in-chief appointed the external person — Andrey Shmarov. Who exactly selected Shmarov, is not clear: after Shmarov's conflict with edition all participants of this appointment are not ready to take for it responsibility.

However, the source of Jellyfish close to potential buyers of Vedomosti, heard more than once that the press secretary of Rosneft Mikhail Leontyev participated in the choice of the Chief Editor of the newspaper. It played a noticeable role and in discussion of the sale of Vedomosti, the acquaintance of one of possible investors told Medusa — and Leontyev explained the participation in such negotiations with the fact that Rosneft controls the owner of the newspaper "through the credit".

Really, the company owning Vedomosti has huge debts. Also there were they as it appeared, in connection with purchase of the edition by Kudryavtsev five years ago.

After agreement signature due diligence of Vedomosti should begin, i.e. financial and legal check of an asset, one of interlocutors specifies. Jellyfish did not manage to find out transaction amount: according to both sources, in the signed agreement conditions which will affect final transaction amount are stipulated; in particular, currency rates and financial performance of Vedomosti. About a year ago the Kommersant newspaper claimed that Vedomosti is on sale approximately at the same price at which the edition was sold in the 2015th — i.e. 15 million euros. One of interlocutors of Jellyfish confirmed that the discussed amount "is not less of this".

The founder of Arbat Capital Alexey Golubovich conducted negotiations on purchase of Vedomosti more than a year, but "with breaks", both interlocutors of Jellyfish claim. "It came to Kudryavtsev, left. Generally, in any way did not decide. And then on the horizon there was Zyatkov, but he hesitated too. As a result Demyan acquainted them — in hope that together they, at last, will be solved" — one of interlocutors of Jellyfish says. Golubovich's interest in purchase of Vedomosti it was really announced about a year ago, but he then denied that he conducts such negotiations.

2019: Discussion of sale of the newspaper with the owner of Arbat Capital Alexey Golubovich

In April, 2019 it became known that Demyan Kudryavtsev discusses sale of Vedomosti to the founder of Arbat Capital Alexey Golubovich. Four interlocutors, including two acquaintances of mister Kudryavtsev told the Kommersant newspaper about it. One of them says that the parties conduct consultations several months, but did not agree about the price yet. Another heard that the transaction was almost approved still a month ago. Two interlocutors believe that Arbat Capital can act as the tool for attraction of third-party investments or to be an intermediary if other person will act as the real buyer.

"I always consider everything the offers on investments and purchase of different shares in my assets arriving to me, never hid it including about Vedomosti, but I will not comment on specific negotiations. No agreements are reached" — Demyan Kudryavtsev[3] told Kommersant[3].

Alexey Golubovich refused to comment on a question whether he considers the possibility to act as the investor of Vedomosti or to take part in search of investments for the edition:

"I buy and I sell businesses 30 years and never heard that before completion of the transaction someone about it told something".

He also noted that he is engaged in information projects and fundraising in IT now, but not in Russia where developed publishing business till 1993, and now is not so confident in perspectives of the newspaper market.

Interlocutors of Kommersant find it difficult to estimate the cost of Vedomosti, explaining that precedential transactions in this area were not long ago. One of sources of Kommersant says that the seller will receive for Vedomosti as much how many he paid in 2015 for all newspaper taking into account its debt to shareholders which was purchased with discount, and a part of magazines of Sanoma, i.e. €15 million, at the same time will save journal business.

The ex-CEO of Kommersant Publishing House Pavel Filenkov considers that the cost of Vedomosti remained "approximately at the level of last purchase": The newspaper costs not so much as business how many as a resource. For those years that Demyan Kudryavtsev owns Vedomosti, printed media became more expensive not".

From the point of view of the CEO of Komsomolskaya Pravda Vladimir Sungorkin, the cost of media assets now "in general is unclear":

"If in old times we understood something at assessment, then now — as will agree. If the speech about Vedomosti, then the transaction is politized and not absolutely market, there only such factors as revenue and profit will hardly work".

2018: Transfer of control over the owner of the Arkan Investment edition to Vladimir Voronov's niece

Kudryavtsev said that during the transaction in 2015 his family redeemed shares of Vedomosti, and his partners — a debt to former owners therefore at Vedomosti the debt to Voronov and the Pompadour was formed.

At the same time Kudryavtsev in 2017 lost the Russian citizenship therefore legally could not own the newspaper any more. By data SPARK-Interfax, from the 2017th Business of the News of Media company which issues Vedomosti belongs to Kudryavtsev's wife — to Yana Mozel-Kudryavtsevoy, through her own JSC Arkan Investment. However in February the 2020th Kudryavtsev told RTVi that the edition was renewed on "seven" of his partners of Vladimir Voronov.

Both sources of Jellyfish claimed that the transaction on transfer of Vedomosti to Voronov was "formal".

"Not so important, on which of them legally the newspaper is issued now. Negotiations with new buyers are conducted, for example, by Demyan. It is quite obvious that there is a certain agreement between all three partners, and all of them still retain financial interest in the edition" — one of interlocutors of Jellyfish says. The Bell sources also confirmed earlier that "renewal of the edition from relatives of one on relatives of another was more likely the technical need dictated by personal circumstances" and "this sale of "Vedomosti' did not happen yet".

Later Kudryavtsev told in RTVi interview at the end of the 2019th that it for a long time not the owner of the newspaper. According to him, the property is renewed on the family member Vladimir Voronov. This is his niece Ivetta Voronova, she confirmed Forbes that now owns Lasso Investment Cop company. As it is possible to learn from its profile on Facebook, she is 33 years old, she graduated from MGIMO and works at TNT TV channel.

2017: The stocks "Lasso Investment Cop" turn into pledge to Constant which obtained the credit in bank of Rosneft of VBRR

The only thing that Lasso has now, are Vedomosti and right to require from them return about 500 million rubles of debts. Cannot return their Vedomosti too. For 2019 revenue of the newspaper made 860 million rubles, and operating expenses — 835 million rubles, the loss at the end of year made 13 million rubles. And its debts — 810 million rubles.

Many times heavy debts of Lasso: for the end of 2019 they made two billion rubles, the interlocutor of Jellyfish specified. In the last financial statement for the end of the 2018th accounts payable of Lasso were 2.4 billion rubles.

Under pressure of creditors of Arkan Kudryavtsev also decided to sell Vedomosti that as a result of the difficult transaction to achieve from its participants of repayment and debt restructuring of the Arkan company, the interlocutor of Jellyfish aware of it from one of buyers explains.

The CEO of Lasso Investment Cop company Alexander Karpov refused to speak to Medusa about debts, having referred to a trade secret. But the source of Forbes told how this situation was described to potential buyers of Vedomosti: the credit to Lasso on purchase of shares of BNM in 2016 through the company laying was issued by Gazprombank, and in the 2017th this debt of Lasso passed to Konstanta LLC which obtained for this purpose the credit in bank of Rosneft — VBRR — for 28 million euros.

Journalists of Jellyfish, Forbes, The Bell and Vedomosti managed to find confirmation of this version in several documents.

Constant is created in April, 2017, SPARK-Interfax follows from the database. From the cash flow statement "Constants" it is visible that the same year the company spent for purchase of certain debt obligations or issue of a loan 1.79 billion rubles (26 million euros at the rate of on the end of the year), having obtained for this purpose the credit of 1.85 billion rubles (26.9 million euros).

In spite of the fact that activity of Konstanta LLC — service in oil and gas production — this company with the authorized capital of 50 thousand rubles is registered in the Moscow apartment and entered in the register of the small and medium enterprises. In the reporting of firm there is no revenue and taxes connected with oil and gas production, only a salary expenditure — one and a half million rubles. Its owner and the CEO — Igor Lavrukhin who in the past was engaged in publishing business: he was a co-owner of the liquidated Legenda media LLC.

Lavrukhin refused to tell to Vedomosti something about the credit of VBRR and a debt of Lasso.

And the source close to owners of Vedomosti, in a conversation with this edition called Constant "the company, affiliated with Bosov" and told that Lasso took from it the credit at the request of Bosov to pay off a debt to Gazprombank.

As a result of this transaction of a stock of JSC Arkan investment owning the publisher of Vedomosti appeared in pledge at Konstanta; it is specified in documents of Lasso of 2018. And in the certificate of incorporation of Konstanta LLC it is specified that since June 20 the 2017th right of possession this company are in pledge at VBRR bank. This bank belongs to Rosneft.

Now the interlocutor of Vedomosti, close to owners of the edition, assures that he learned all this is that Constant took the long credit from VBRR and that its actions are put in this bank — all a few weeks ago, and Bosov did not want to explain it.

Output from this such: the bank of Rosneft really controls the publisher of Vedomosti through a chain of debts of VBRR — Ltd company "Constant" — "A lasso the investment cop" — BNM, and any participant of a chain is not capable to pay off on these debts.

And it is even impossible to sell Vedomosti (i.e. stocks BNM) now without repayment of debts of Lasso, the interlocutor of Jellyfish aware of it from one of participants of the new transaction explains: encumbrance on these debts concerns also assets, i.e. stocks BNM — therefore potential buyers of Vedomosti will have to solve also this problem.

Jellyfish did not manage be convinced that obligations of Lasso for the credit formally extend also to BNM. The CEO of Lasso Alexander Karpov told Forbes that "stocks BNM are not put and never to nobody were put or encumbered; it can confirm management of the company". The CEO "Business of a news of media" Gleb Prozorov told Medusa: "Management of BNM has no documents indicating that stocks of the company are put".

Nevertheless circumstances of crediting of Lasso assume that on its assets there has to be an encumbrance, the lawyer of international firm with extensive work experience with credit and corporate deals considers.

"When the project company (which does not have other assets, except purchased) is financed on acquisition of the corresponding asset as in this case, the creditor most often demands pledge of an asset and carrying out calculations for its acquisition through accounts in the bank — the lawyer explained. — But information on pledge of stocks of "Vedomosti' would become available to more wide range of persons as the fact of pledge should be reflected in the shareholder register, etc. If to set the object to avoid publicity, the creditor will protect the interests via other mechanisms: prohibition in the loan agreement on alienation of an asset, encumbrance of an asset with options". Lasso can just have no opportunity to dispose freely of shares BNM — until the credit for their purchase is repaid, he summarizes.

Demyan Kudryavtsev told Vedomosti: "We with partners never did anything that would create risks for editorial independence of "Vedomosti', among other things — did not do anything of that kind that would allow to turn collecting on the stock BNM".

In May, 2020 representatives of Gazprombank and VBRR "A lasso the investment cop" and Konstanta LLC did not answer a request of Vedomosti for crediting.

Also the current formal owner of Lasso Ivetta Voronova did not begin to answer the question Forbes concerning a debt of Lasso to Konstanta LLC.

2016: Sale of the edition of the company of the spouse of D. Kudryavtsev "A lasso investments" for 24.2 million euros received on credit in Gazprombank

On the law on "foreigners in media" which is becoming effective since 2016 the Cyprus offshore of Delovoi Standard Ltd redeemed by Kudryavtsev's wife from the western owners of Vedomosti could not remain the shareholder of the Russian edition in any way: the newspaper should be renewed on the Russian company with the Russian founders. Therefore stocks of the Business of a News of Media company belonging to offshore at the beginning of the 2016th (on accomplishment of the law term till February 1 was given) transferred from ownership of Delovoi Standard Ltd to the property of the Russian JSC Arkan investment which was also belonging then to Kudryavtsev's wife.

This transaction is reflected in the annual report of the seller of actions — Delovoi Standard Ltd — as follows: On February 19, 2016 the offshore sold Lasso Investment Cop companies of 100% of stocks BNM belonging to it for 24.204 million euros (or 1.794 billion rubles, are specified in the report).

The transaction looks just as rearrangement of an asset and money from one pocket of Kudryavtsev in another. But it not so. Not only that Lasso purchased Vedomosti at the Cyprus offshore for бóльшую the amount, than they cost Kudryavtsev — it was made not on own means, and on borrowed.

The Lasso Investment Cop company is the new organization with the authorized capital of 10 thousand rubles, with one employee (the director Alexander Karpov — he directs also other businesses of Kudryavtsev) and in general without assets — could attract in 2016 the loans for 1.877 billion rubles (29.4 million euros at the rate of on the end of the year) from which spent 1.736 billion rubles for "acquisition of stocks (shares)" — it is so specified in its financial statements. It were the stocks "Business of a News of Media", i.e., other actions Lasso, judging by data SPARK-Interfax, never had Vedomosti.

It turns out, at the beginning of the 2016th Lasso spent for purchase of Vedomosti from Kudryavtsev's offshore more than two times more money, than Kudryavtsev and his friends in the 2015th — for the redemption of Vedomosti from foreigners. How could Vedomosti rise in price by more than two times less than in a year?

The interlocutor of this edition, close to owners of Vedomosti, explains such difference in the price with the fact that the asset — i.e. Vedomosti — rose in price, having got rid of a duty to pay foreigners large sums for their brands, and license fees to them under the new agreement became much less.

If to judge by official reports, as a result of renewal of stocks BNM the Cyprian Delovoi Standard had to have Kudryavtsev's profit which is nearly 14 million euros, and on Russian Lasso there was an enormous debt in 1.877 billion rubles. The transaction was issued "without extra money, absolutely legally and with a compliance with law of Cyprus and Russia", tells on it the source of Vedomosti close to owners of the edition.

Karpov refused to call to Medusa of generous creditors of Lasso the CEO of the company. However, the source, close to owners of Vedomosti, reported to the edition that it was the credit of Gazprombank for the amount about 25 million euros which Dmitry Bosov helped to receive to Lasso then.


Purchase of Vedomosti cost Kudryavtsev approximately 10 million euros taking into account a debt

Rumors that Kudryavtsev not this buyer, but the lead singer to whom someone gave money for the redemption of Vedomosti extended practically at once. But it is convincing prove so nobody could.

"Demyan said that though we heard that he has from whom to borrow his money — the negotiator of Sergey Petrov (Rolf group) with FT Group and Dow Jones & Co concerning "Vedomosti' tells. — And he promised: if we raise the price, he will do the same".

Kudryavtsev recognized participation in the transaction only of the friends: Vladimir Voronov and Martin Pompadur. "Quite openly was declared: there are Vladimir Voronov and Martin Pompadur who went with me to this transaction. Because of adoption of law on foreigners they did not become shareholders. They took away debts, acted as creditors, and my family took shares" — Kudryavtsev in an interview to the journalist Elizabeth Osetinskaya explained.

In particular, the Pompadour redeemed debt obligations of Vedomosti from FT Group and Dow Jones & Co for the total amount of 6.7 million euros — it was a part of the transaction. So Vedomosti owes steel this amount of his PY Financing LLC company.

And for actions both foreign co-owners of Vedomosti — FT Group and Dow Jones & Co — received only 500 thousand euros from Kudryavtsev, the source familiar with parts of that transaction told Medusa: for them then because of corporate rules it was more important to pay off debts, than to earn from an asset sale. However, and debts the Pompadour redeemed these with discount in 40%, explains a source. "Just purchased from them this debt cheaper. The company of [BNM] owes [us] this money still, we just purchased a debt with discount" — Kudryavtsev in an interview to Elizabeth Osetinskaya confirmed. But he never called the amount. On the conditions described in the agreement, all transaction amount was five million euros, participants of the transaction told Medusa.

Kudryavtsev's expenses on the redemption of a share of the Finnish Sanoma in Vedomosti were a secret too. Sources of Kommersant spoke approximately about six million euros, sources of Vedomosti — approximately about four million euros.

But Jellyfish managed to study the documents concerning that transaction from which follows: it is based on assessment of the stocks Delovoi Standard (which were purchased by Kudryavtsev's company Ivania Ltd) in 2.687 million euros — and debt assessment (which was purchased by Kudryavtsev's company Moscowtimes LLC) in 2.47 million euros. So total amount was a little more than five million euros.

"The shares Delovoi Standart were acquired in 2015 in total [at three previous owners] approximately for 10 million euros, and about three million more euros made the redeemed debts for license fees" — explains to Vedomosti the source close to buyers of offshore Delovoi Standart. From his words it turns out that Kudryavtsev and partners spent 13 million euros for purchase of Vedomosti. However the sources of Jellyfish seeing documents according to these transactions insist that total amount was about 10 million euros and included also actions (3.7 million euros), and debts (6.47 million euros).

Kudryavtsev always claimed that he and his friends — wealthy people — paid these transactions with own money and nobody behind them is necessary. "Jellyfish", investigating this question at the end of 2015, wrote: "The total revenues of Kudryavtsev for the last 15 years — are more than 20 million dollars". However, Kudryavtsev recognized then that it was necessary to borrow for a while money the friend and the partner in other projects of Dmitry Bosov.

Whether Kudryavtsev and his partners could purchase Vedomosti on the means? Perhaps. But they did not begin to do it. As found out in 2020 during joint investigation Jellyfish, Forbes, The Bell and Vedomosti, the edition was purchased completely on borrowed funds and in fact (though not in a form) it appeared in pledge. This debt since 2017 controls Rosneft. And Bosov played one of key roles in this story.

Kudryavtsev's family becomes 100% the owner of the newspaper. At the request of Sechin?

Demyan Kudryavtsev, having become the shareholder of Delovoi Standard Ltd, acquired the preferential right to the redemption of shares of other shareholders in the company (according to the charter of Delovoi Standard Ltd). The owner of the automobile dealer of Rolf Sergey Petrov too considering then the possibility to redeem Vedomosti from foreigners, in particular, told about it. "He [Kudryavtsev] already purchased 30% [more precisely, 33%]. Its was right priority purchases of other stocks" — Petrov so described that situation in recent air of Echo of Moscow radio station.

At the end of November, 2015 it became known that Pearson and Dow Jones agreed about sale of the shares in the business newspaper Vedomosti to Demyan Kudryavtsev's family, follows from the joint message of both companies. Terms of transaction of the party did not open, promised to close it until the end of the year.

Later in 2019 Telegram channels was written that Demyan Kudryavtsev bought Vedomosti not on the money. The transaction was financed by the owner of the Sibantratsit group Dmitry Bosov - the good acquaintance of Igor Sechin. In the market, allegedly, there was an opinion that at the request of Sechin Bosov also financed purchase of Vedomosti. Having redeemed a debt of Vedomosti in 27 million euros, Bosov-Kudryavtsev, allegedly, renewed it on one of structures of Rosneft.

"We are very proud that we managed to work with Vedomosti and 15 years to make a contribution to development of the independent press in Russia", – quotes the message of representatives of Pearson and Dow Jones.

They are forced to sell shares because of the become effective law limiting a share of foreign investors in the Russian media with a level in 20%.

Kudryavtsev will pay for an asset, proceeding from "standard market coefficient of cost", Financial Times (FT) with reference to the people familiar with agreement details writes. The newspaper is estimated more than at 10 million euros taking into account a debt, told Vedomosti of people, close to participants of the transaction.

According to RBC, the transaction was issued mainly as purchase of debt obligations "Business of a news of media" before the leaving shareholders. These obligations from them will be redeemed by the board member of the company, the former top manager of News Corp. Martin Pompadur. And "Business of a news of media" will be calculated with it on debts, RBC specifies. Kudryavtsev does not comment on it, it was not succeeded to contact Pompadur.

Now, according to Kudryavtsev, cooperation of Vedomosti with FT and WSJ will continue in other form:

"We signed the new usage agreement of materials of these editions with the corresponding use of their brands".

According to the person close to negotiators, at sale of shares of Pearson and Dow Jones set to the buyer some restrictive conditions. Kudryavtsev will not be able to sell Vedomosti to the individuals or the companies falling under a number of the criteria described by Pearson and Dow Jones. What criteria are, the interlocutor of Vedomosti did not specify. Also new shareholder will not be able to make amendments to the charter of the Vedomosti newspaper without approval of edition. Besides, Kudryavtsev will not be able to sell the newspaper during certain time, FT with reference to the people familiar with the course of negotiations notes.

Ownership change will not affect in any way editorial policy as it is determined by the Chief Editor – by the law and by the charter of the editorial office, the Chief Editor of Vedomosti Tatyana Lysova says. Before completion of the transaction, according to her, the charter of the editorial office will be changed accurately to differentiate the rights and powers of edition and the founder. And subsequent changes of the charter will be possible only from approval of most of salaried employees of edition.

In the same November, 2015 Kudryavtsev's offshore Ivania Ltd transferred to property Moselle-Kudryavtsevoy the stocks Delovoi Standard Ltd, is told in the report of this company for 2015. Thus, on December 31 the 2015th Demyan Kudryavtsev's wife became the only owner of Business of a News of Media company which possessed Vedomosti.

Gleb Prozorov replaces Mikhail Dubik on the CEO's post

In November, 2015 Vedomosti was left by Mikhail Dubik, the CEO "Business of the News of Media" and the publisher of the newspaper from the moment of its foundation in 1999. Now on the newspaper website as the publisher Gleb Prozorov is specified. Mister Dubik himself submitted the withdrawal letter, the interlocutor of Kommersant says, without specifying, than it is motivated.

Kudryavtsev redeems Sanoma share for $6.4 million with assistance of Dmitry Bosov

In April, 2015 it became known that the former CEO of Kommersant Publishing House Demyan Kudryavtsev redeemed 33% of shares of Vedomosti from the Finnish Sanoma. About it was told two sources close to participants of the transaction.

According to one of them, transaction amount was about $6.4 million, and necessary means were paid by Kudryavtsev and private investors attracted with it. Earlier among Kudryavtsev's partners Vladimir Voronov and American Martin Pompadur[4] were mentioned[4]. Also it was reported that the company in which all three partners have equal participation will become the buyer.

Many representatives of the Russian business community refused to participate in acquisition of Vedomosti earlier.

Within the transaction Kudryavtsev can also receive control over a number of assets of Business News Media Ltd, including the The Moscow Times newspaper, and the magazines Men's Health, National Geographic which are issued United Press. According to other source, the transaction on purchase of the magazines "United Press" are already closed and the new owner should renew licenses for their edition.

Despite the aspiration of Sanoma to sell assets quicker, negotiations with Kudryavtsev took nearly a year. Vedomosti was a hitch.

"The transaction on purchase of "Vedomosti' was closed by the last" — Kommersant with reference to the sources wrote. "The transaction with "Vedomosti' was so delayed because the purchase of such asset needs to be approved on the top and Kudryavtsev long could not get approval. He received it only when attracted the "correct' partner. It became clear that behind it there is some other buyer" — the source from sellers informed on the course of that transaction told Medusa.

The representative of Sanoma then declared officially that the transaction does not require approval of Russian authorities. Kudryavtsev too always said that he with anybody did not approve this purchase. The last time he repeated it in an interview YouTube channel#ещенепознер in 2020:

"I did not get permission because it was not necessary to me. But I just on one action told about it [to the press secretary of the Russian president Dmitry] Peskova. And [to the first Deputy of the Chief of the Presidential Administration supervising media, to Alexey] told Gromov too. I did not speak to get permission — and that they were aware".

However the source of Vedomosti close to owners of the edition, recognizes now that purchase of Vedomosti by Kudryavtsev was approved with Presidential Administration and the friend and Kudryavtsev's partner Dmitry Bosov — the president of Alltek investment group, the owner of Sibantratsit helped to receive this consent then (it is impossible to check it already: Bosov committed suicide on May 6, 2020).

After acquisition of 33% of stocks of Vedomosti Kudryavtsev joined board "Business of the News of Media". However the remained two thirds of the business edition still belong to the British FT Group and the publisher of The Wall Street Journal — the American Dow Jones.

According to one of sources, Kudryavtsev already conducts with the western media groups negotiations on possible purchase of their part of actions as in 2016 all of them will be equally forced to sell or to significantly reduce the share of ownership.

Then in Russia become effective the amendments to the federal law "About Media" prohibiting to foreigners to own 20% and more actions of the founder of any Russian media.

"The total cost of Vedomosti is about $12-15 million. Considering that Kudryavtsev already gave $6.4 million, it at least should pay to the western owners as much again" — told a source.

However, if new arrangements are established, proceeding from the price of the last transaction, then the share of FT Group and The Wall Street Journal will rise in price to $12.8 million.

He also noted that the total cost of the business publication can be significantly lower stated as this asset, in fact, is unprofitable.

"The Russian media industry in crisis endures serious fall of advertizing revenues, and Vedomosti also appeared among victims. As a result for a project output to the new quality level additional resources can be required" — believes a source[4].

However at the same time he notes that Kudryavtsev is an excellent candidate for implementation of reorganization of the edition which was in stagnation because of uncertainty of the destiny recently.

Among possible buyers of the Russian assets the founder of Independent Media publishing house and the CEO of the Russian holding RBC Derk Sauer, media holding Hearst Shkulev Media and the ex-owner of the Ukrainian media holding UMH group Boris Lozhkin appeared.

WSJ and FT Group refuse to redeem Sanoma share

Vedomosti is issued since 1999 by Business of a News of Media company, and it for February, 2015 through the Cyprian Delovoi Standard Ltd. in equal shares Dow Jones & Co, FT Group and Sanoma own.

In February, 2015 it became known that two co-owners of the Vedomosti newspaper — the American Dow Jones & Co (the owner of The Wall Street Journal) and FT Group (the owner of Financial Times) — notified the third partner, the Finnish media holding Sanoma that will not begin to enjoy a preference of the redemption of its share in the company issuing Vedomosti. Two persons familiar with negotiators told Vedomosti about it.

Sanoma wants to sell the share in Vedomosti to the company representing the interests of Demyan Kudryavtsev, Vladimir Voronov and American Martie Pompadur, two persons close to the seller told Vedomosti. According to them, already notified two other co-owners of the edition on such offer of Sanoma. One of interlocutors of Vedomosti specified that the buyer is ready to pay 6 million euros for a third of Vedomosti. According to the shareholders' agreement that from co-owners who conceived to sell a share in Vedomosti, are obliged to notify other partners on the potential transaction and partners have a first-priority repurchase right of these actions at the same price. WSJ and FT did not begin to have this right. Do not intend to sell the shares in Vedomosti of WSJ and FT so far too, knows one of sources of Vedomosti communicating with co-owners of the newspaper.

Three familiar Kudryavtsev confirmed that he together with partners submitted the purchasing request of Vedomosti to Citibank. The buyer (if the transaction takes place) will become the company in which all three partners have equal participation, one of interlocutors of Vedomosti specifies. Representatives of Sanoma and Citibank and also Kudryavtsev never commented on it, also they arrived and yesterday.

Kudryavtsev is the former journalist, in 2006 Boris Berezovsky, the owner of that time of Kommersant Publishing House, appointed him the CEO of publishing house where Kudryavtsev worked till 2012 then he founded the communication agency "Communication Is Clear". Also he advises the media companies according to transactions and strategy, heads of several large media companies told Vedomosti.

Kudryavtsev, the Pompadour and Voronov know each other since 1996 when in Russia News Corp of Rupert Murdoch began to be interested in media assets, the acquaintance says them. This corporation owns Dow Jones and, respectively, controls a third of Vedomosti. The pompadour worked in News Corp in 1998-2010 at first as the vice president of holding and the president of division in Eastern and Central Europe, and then as the chairman of the board of directors of News Corp Europe. Voronov was the president of News Media, division of News Corp, he and the Pompadour actively were engaged in purchase and sale of media assets for Murdoch in Russia and the CIS countries. In 1999 Berezovsky and Murdoch created joint company "LogoVAZ — News Corp". Murdoch discussed with the Russian oligarch purchase of TV-6, and later — purchase of a packet of Channel One. But these transactions did not develop. In 2007 Berezovsky sold to Murdoch the TV channels in Latvia.

The pompadour after leaving News Corp became the board member of many media companies. In Russia it is the main investor of Montana Coffee company, the president and CEO Alexander Malchik told it. "Montana coffee" — the large producer of fried coffee of a segment a premium, the director of Roschaykofe association Ramaz Chanturia says; what market share this company occupies, he does not specify.

Ravens works in the field of private investments in recent years, the acquaintance says it, but does not disclose any details. Now Kudryavtsev, has the Pompadour and Voronov no joint business, he assures.


Audience of one number of 181.4 million people, the website - 200 thousand a day

The average audience of one issue of Vedomosti, according to TNS Russia, in March-July, 2015 made 181.4 thousand people.

By estimates of TNS the average audience of the website in May, 2014 made 200 thousand people a day.

DDoS attack

On January 30, 2014 on the website of the Vedomosti newspaper DDoS attack, traffic volumes in which reached 1.2 Gbit/sec., was made. Its peak fell on midnight from 28 for January 29 when on the website addresses from the botnet consisting of six thousand bots, mainly with the Russian IP addresses began to arrive.

Then the nature of the attack on the website of Vedomosti changed: DNS servers of the edition were attacked as a result of which they stopped working. So all appeals to domain name of ceased to reach the Web server. DNS servers are responsible for redirection of requests on domain names for servers to the IP addresses. Domain names were thought up for convenience of people, machines communicate to the digital IP addresses.

Thanks to Qrator technologies, specialists of Vedomosti managed to neutralize the attack and to provide availability of the website. Specialists of Qrator redirected traffic on the network of filtering and also provided to publishing house the DNS servers. Unfortunately, updating of records about DNS servers in network takes several hours, at this time the website could be unavailable to some users.

In the same night with 28 for January 29 DDoS attack fell also upon online edition, and a little earlier – upon and the website of Dozhd TV channel. The situation managed to be taken under control in all cases also thanks to network of traffic filtering

Alexander Lyamin, the CEO of Qrator, comments: "An attack on the website of Vedomosti is definitely made by forces of professionals and can be referred to category of complexity above an average. Other attacks belong to the average level on the volume of the traffic generated by malefactors. False requests to the websites in all cases arrived mainly from the Russian IP addresses".

Bloomberg reports that Vedomosti will be sold to "the Putin's friends"

On October 16, 2014 it became known that the businessmen close to the President of Russia Vladimir Putin are going to purchase the Vedomosti newspaper, Bloomberg with reference to three informed sources reports.

The day before the head of state signed the law on restriction of participation of the foreign capital in the Russian media.

It can be used in order that shares of the American News Corp. (the publisher of The Wall Street Journal), the British FT Group (the publisher of The Financial Times) and the Finnish Sanoma in Vedomosti purchased or the Gazprom Media holding which is directed by Mikhail Lesin, or the companies related to Yury Kovalchuk note sources.

The corresponding plan was supported by the Russian President Administration, interlocutors of Bloomberg claim. According to them in order that the transaction with businessmen loyal to Putin became more "politically attractive", the intermediary can be used.

"The Kremlin considers the foreign governments shareholders of Vedomosti. It equates The Wall Street Journal to USA, and The Financial Times – to Great Britain, – said the Chief Editor of Vedomosti Tatyana Lysova.

The Russian President's Press Secretary Dmitry Peskov told Bloomberg that the fate of Vedomosti will be defined by "market process".

"We do not know what will happen to Vedomosti who will purchase them", – the representative of the Kremlin noted.

2013: Sanoma tries to sell the Hearst edition, but the transaction is blocked

In the fall of 2013 Sanoma made the decision on leaving from the Russian market and sale of the Russian division of Sanoma Independent Media (SIM). Collected requests from potential buyers of Citibank. At first the holding expected to sell all assets of SIM to one buyer, but could not make it.

In November, 2013 it became known that the founder of Sanoma Independent Media Derk Sauyer is ready to become the owner of this publishing house again: he conducts negotiations on purchase with the Finnish Sanoma. First of all he is interested in the Vedomosti newspaper.

For November, 2013 "Business of the News of Media" belongs to Cyprus company of Delovoi Standart which on parity bases is owned by the Russian Sanoma Independent Media, the British Pearson - the publisher of Financial Times, and the American News Corporation of Rupert Murdoch publishing The Wall Street Journal. Operationally the company is included into Sanoma Independent Media holding.

Gleb Prozorov's interview, managing director of the Vedomosti newspaper (May, 2013)

In December, 2013 Sanoma agreed about sale of 100% of stocks of the Russian division of Sanoma Independent Media (SIM) issuing the Vedomosti newspaper, the Cosmopolitan magazine and other media. The American Hearst Corporation which for 50% possesses Hearst Shkulev Media publishing house acted as the buyer. In May, 2014 it became known that the transaction did not take place and was frozen.


Comparison by the size of audience of the website with competitors

Image:Деловые сайты России аудитория 2012.PNG

If since December, 2010th in April 2011 the daily Russian audience of the newspaper totaled 116.5 thousand people, then during the same period of 2012 the audience decreased by 1%, having made 99.6 thousand readers.

Onexim tries to purchase "Business of the News of Media"

On December 11, 2012 it became known that the ONEXIM investment fund belonging to Mikhail Prokhorov made the proposal on exchange of assets to Sanoma Independent Media publishing house. According to with reference to own sources the Kommersant newspaper, Prokhorov wants to receive the share in the Business of the News of Media company issuing Vedomosti belonging to Sanoma. In exchange controlled ONEKSIMOM the RBC holding is ready to leave Salon-Press publishing house.

"Business of the News of Media" belongs to Cyprus company of Delovoi Standart which on parity bases is owned by the Russian Sanoma Independent Media, the British Pearson - the publisher of Financial Times, and News Corporation of Rupert Murdoch publishing The Wall Street Journal. At this Pearson, according to Kommersant acts as the rival ONEKSIMA as it is ready to consider the possibility of consolidation[5] in the hands of all assets of Vedomosti[5].

The source close to "Salon Press" confirmed to Kommersant that RBC was issued recently by the mandate for sale of this publishing house. According to the CEO of RBC Sergey Lavrukhin, two companies, but Sanoma apply for purchase "Salon Press" among them is not present.

According to the reporting of RBC, the provided Kommersant, revenue of Salon-Press publishing house which specializes in the edition of magazines of interior subject in 2011 was reduced by 3.9 percent and made 547 million rubles, and profit decreased by 20.4 percent and was 74 million rubles. Revenue "Business of the News of Media", according to the System of the professional analysis of the markets and the companies (SPARK), the same year made 1.006 billion rubles, and net loss of the company - 26.5 million.

At the same time, as notes Kommersant, in three quarters 2012 advertizing revenues of both qualitative daily federal newspapers, and interior editions - grew by 12 and 10 percent respectively. Both segments grew much quicker than total market of federal editions which gain for the same period made only one percent. Meanwhile volumes of the advertizing sold in Vedomosti without applications for the first ten months 2012 grew in comparison with the same period of 2011 by 2.28 percent in bands and 3.42 percent in terms of money.

Advertizing revenues and online subscriptions

  • Volumes of the advertizing sold in Vedomosti without applications for the first ten months 2012 grew in comparison with the same period of 2011 by 2.28 percent in bands and 3.42 percent in terms of money.

  • For January — March, 2012, according to TNS Russia, sales of advertizing of the Vedomosti newspaper reached about 10 million dollars. When calculating the budget of TNS Russia used official quotations of publishing houses without discounts and taxes, but taking into account the allowance for positioning and chromaticity.

  • At Vedomosti the share of "digital" income – from a subscription and advertizing – grew to 22% whereas at the American shareholder of the newspaper, FT Group, a "digital" part of income reached 50%, and the number of online subscribers of Financial Times already exceeded number of "paper".


TNS sharply lowers assessment of the size of audience of the edition

  • TNS began to fix sharp falling of audience of issue of Vedomosti in Moscow with spring of 2011 - almost twice (from 116 thousand people to present 63 thousand). At the same time the semi-annual reader's audience of the newspaper steadily decreases from the middle of 2010 - from 914.7 thousand people for March-July, 2010 to 707.8 thousand people in May-October, 2011.

  • According to data of TNS Gallup for May-October, 2011, the number of readers in Moscow of the Vedomosti newspaper counting on one number decreased by 37% in comparison with a previous period and for 34% in relation to the level of 2010[6].

For this period each issue of Vedomosti in the Russian capital was read to 63 thousand people. At the same time the average reader's audience of each number of two of her main competitors, by calculations of TNS, made 76 thousand people at RBC daily and 98.8 thousand people at Kommersant. Unlike Vedomosti, both record growth of this indicator.

The president of Sanoma Independent Media Elena Myasnikova said to RBC daily that the publishing house is surprised with results of a research. "We do not know what falling of audience can be connected with, and took an interest in it at TNS. We wait for the answer", - she commented on data on reduction of audience of Vedomosti. TNS could not explain the results received by them. There noted that will monitor the situation, having promised to provide the conclusions according to the results of the following wave of a research.

The vice president of Guild of publishers of periodicals Vasily Gatov considers that falling of audience of Vedomosti fits into the general trend of falling of audiences of the international media. "It occurs because a part of audience of a number of editions passes from paper to other carriers. So, at Vedomosti very most part of audience are users of the iPad tablet computers. Technologies for accounting of this audience it is not thought up yet therefore digits can not correspond several to reality", - V. Gatov says.

However in this case Kommersant which not only supports the website with toll-free number of the paper newspaper should have similar dynamics of escape of readers also, but also the second year develops iOS applications and Android. Data and on Internet audience did not change. In October (the last complete month of measurements in the fourth wave of Gallup) on weekdays the website of Vedomosti was visited on average by 173.4 thousand users (hereinafter data of TNS), at Kommersant - 140.4 thousand, at RBC daily - 192.7 thousand. Counters of Runet did not record surge in attendance of the website of Vedomosti on tens of thousands of users.

It is possible that TNS Gallup could lower assessment of audience of Vedomosti (on selection and geography) after scandal with discrepancy declared at customs and actual circulations of glossy magazines, including, products IDES Sanoma Independent Media. In February the National drawing commission on a request of Mercury company checked actual circulations, having revealed overestimate at glossy editions including at Cosmopolitan Beauty published by it for 25%.

Loss at the end of year 26.5 million rub

Revenue "Business of the News of Media", according to the System of the professional analysis of the markets and the companies (SPARK), in 2011 made 1.006 billion rubles, and net loss of the company - 26.5 million.

2005: Sanoma becomes the co-owner of the newspaper

In 2005 the Finnish Sanoma became the co-owner of Vedomosti.

1999: Start of the edition of the Vedomosti newspaper

Vedomosti is issued since 1999.

Online subscription

2011: Complete issue of the newspaper only on a subscription

Since July, 2011 the edition began to render a number of new paid services: an opportunity to read online complete issue of the newspaper, to get access to materials of fresh number using mobile applications for iPad, iPhone, smartphones and tablets based on Android.

At the same time especially for subscribers new content products — the daily digest of announcements of the best publications from Financial Times and The Wall Street Journal (editions − founders of Vedomosti), tapes of infographics and white papers were developed.

2012: Free no more than 30 articles a month

Since July 15, 2012 Vedomosti limits free access to the publications about 30 articles in a month will be available to one reader. Further this limit will change.

At the same time subscribers of will be able to read unlimited number of publications and also for them free access to contents of fresh issue of the newspaper and all paid services of Vedomosti remains.

The edition consistently implements the strategy of introduction of paid services for readers. Access to archive publications for all the time of issue of Vedomosti became the first of them.

For June, 2012 the share of online subscribers of Vedomosti makes 30% of the total number of subscribers. Online revenue share − 21% in total sales[7].

The similar model of monetization (paywall) is applied by the business publications The Wall Street Journal and Financial Times. A share of online subscribers at Financial Times − 50%.

2016: The number of online subscribers was equal to number of paper - 20 thousand

In April, 2016 the Vedomosti newspaper for the first time sounded a share of income which is brought to the edition by paid access on the website. The newspaper presentation at the RIF conference was placed in the Facebook by the employee of RBC Vladimir Motorin. According to the presentation, the Internet version of the newspaper brings it 26% of revenue, from them 74% are an advertizing and 25% - a paid subscription. 64% of total income are generated by the paper version (90% - advertizing, 10% - a subscription).

Revenue of Business News Media Ltd issuing Vedomosti (the business newspaper is the only company asset) for 2014, according to, made 955.183 million rubles, net loss — 203.273 million rubles. In February, 2016 at one of industry forums the managing director of Ekaterina Derbilova said that paid subscriptions for the electronic version of Vedomosti exceeded 20 thousand, having been equal to number of subscriptions for the paper version. According to her, the subscription for generates 30% of total sales of the digital-direction of the newspaper.

As specified in the course of discussion of the presentation the Chief Editor of Vedomosti Tatyana Lysova, introduction of paywall was in insignificant means, and the losses connected with decrease in loyalty of audience are offset by income from a paid subscription.

At this time Vedomosti the only large newspaper in Russia which decided on experiments with paid access to the website. In April, 2016 CEOs of Kommersant Publishing House Maria Komarova said that the edition is going to enter paid access to a part of materials.

Organization of events

In the edition the division of Vedomosti.conference works. Among the held events:

  • Telecom - the international forum of telecom operators (for 2015)

See Also