The Russian version of prominent magazine Newsweek may soon be published by the ONEXIM Group, an investment fund that also owns shares in the country's media firm RBK (which has a business daily paper and TV channel), Lenta.Ru reported today. An unofficial ONEXIM source told journalists that the representatives from Axel Springer, current publisher of Newsweek Russia, have already talked the issue over with ONEXIM heads. However, ONEXIM owner Mikhail Prohorov did not participate in the discussions.

As early as next month, Newsweek Russia may cease publication, Axel Springer Russia General Director Regina von Flemming announced, according to KM.ru. A possible reason is that it is not generating sufficient revenues, the article stated. However, official Axel Springer sources called the possible venture a mere rumour and refused to comment on the matter. Von Flemming also did not offer a comment. Newsweek Russia's Editor-in-Chief Mikhail Fishman said the title is functioning normally, RIA Novosti reported.
According to Kommersant, the German publishing house was not planning to ask Newsweek Inc. for an extension to release the magazine in Russia. The license was bought in 2007 and extended until this year, according to RIA Novosti. Sources close to Axel Springer Russia pointed out that the publisher continued to debate the extension issue and search for possible investors.

The license may cost "several tens of thousands of dollars," speculated Leonid Bershidskii, editorial director of Slon.ru. The magazine's yearly operating costs might be between US$3 to $4 million, while losses are close to $500,000, Kommersant added.

Media research firm TNS Russia noted that Newsweek Russia's readership is at 98,800 in Moscow and 215,000 across all of Russia. Other more popular socio-political weekly magazines include Itogi (216,200 readers in Moscow and 467,400 across Russia), Kommersant Vlast (106,100 and 380,900, respectively) and Ogonek (162,100 and 703,700, respectively).

The Association of Communications Agencies of Russia discovered that during the first half of this year, advertising budgets of magazines in general jumped by 8 percent to RUB 8 to 8.2 billion ($262 to $268 million) after taxes.

The collective advertising budgets of such titles as Newsweek, i.e. magazines that cover the economy, politics and society, dropped by 9.6 percent in the period January-August 2010, compared to last year. Although, in June and August, there was a 13.2 and 5.5 percent growth, respectively, Kommersant explained.

Axel Springer Russia also publishes Forbes Russia, tabloid OK!, tech mag ComputerBild and GEO Traveller.