Foreign media ownership bill to encompass glossy magazines

MOSCOW, September 25 (RAPSI) – The State Duma Committee on Information Policy claims that a bill seeking to restrict foreign ownership of media in Russia will encompass glossy magazines.

On September 23, the State Duma adopted in the first reading a bill to limit foreign ownership in Russian media outlets, including print media, to 20%.
Under the bill, foreign citizens, stateless persons and Russians with dual citizenship may not found media outlets.

This Thursday, Izvestia newspaper reported that the Russian Press Distributors Association (PDA) appealed to the Duma committee to exclude the owners of entertainment and lifestyle newspapers and magazines from the bill.

Under current legislation, foreigners can own up to 50% of a TV channel or radio station, but there is no limit on foreign shareholding in the print media.

A case in point is one of the leading Russian business publications, Vedomosti newspaper, which is co-owned by The Financial Times, The Wall Street Journal and European media holding Sanoma.

Lawmakers engaged in the bill sponsorship repeatedly stated that the amendments are aimed at strengthening Russia’s security and are not an attempt to pressure the media.