Onexim Group Buys Forbes Russia: Report
This story was written by David Kaplan.
Moscow-based PE firm Onexim Group has bought Forbes Russia, says Venturebeat, citing a translation of reports on Quintura's blog. Terms were not disclosed. In Russia, Forbes is published by Germany's Axel Springer, which uses visual search site Quintura. Forbes representatives didn't respond to our requests for comment.
The purchase comes as Forbes, along with just about every other magazine company, is struggling with the transition to digital and the economic crisis. In the past week, the company has completed the first phase of its online/print restructuring and shuttered one of its auto news sites. Forbes is privately heldthe 91-year-old mag sold a roughly 40 percent stake to PE firm Elevation Partners two years agoso, as VentureBeat notes, it's hard to determine if the sale was a result of business pressures stemming from the global financial meltdown. (We've also reached out to Elevation for comment.)
As for Onexim, the PE firm has been moving beyond its portfolio of mining, energy and real estate holdings into media lately. It supported the launch of Snob magazine, which Reuters reported earlier this year was aimed at "Russia's super-rich."
By David Kaplan