Russian Newsweek Ceases Publishing By Axel Springer

Whatever happens to Newsweek under its new owner, audio equipment impresario Sidney Harman, it seems there will no longer be a Russian edition for now.

German publishing group Axel Springer, which has operated the license to publish the Russian edition since 2004, says it’s not extending the deal.

Springer says it’s “reviewing the composition of its portfolio and its constituent media brands” in Russia and, “guided by economic reasons, the company decided not to renew the license agreement with Newsweek Inc.”

Apparently, Russian Newsweek was unprofitable and its editor tried to find an investor to continue publishing the magazine but did not succeed.

The October 18 issue is the last to be published. Editor-in-chief Michael Fishman will become a Russian special corespondent for Axel Springer’s Welt German title.

Nevertheless, Springer did today debut the Polish edition of Newsweek as an iPad app.

Springer’s international president Ralph Buchi: “Unfortunately, we failed to bring a firm economic base and create a relevant perspective. On this basis, we decided not to renew the expired license agreement with Newsweek Inc.

Springer’s Russian unit already publishes Forbes under license in Russia.