Rupert Murdoch’s News Corp has sold a 79 percent stake in its Russian ad company, according to Dow Jones.
The company sold a chun of its stake in News Outdoor Russia, a leading outdoor advertising firm, to company management and a group of investors include state-run VTB Capital, Kommersant reported. Vedomosti said that stake was sold for $270 million.
Many expected a big shake-up in Moscow’s lucrative advertising market upon the arrival of new mayor Sergei Sobyanin. Last month, he banned the massive advertisements that cover up many Moscow buildings that are undergoing construction. (Even though, by the looks of it, the ban has not been implemented yet.)