MOSCOW - Dutch-based publishing company VNU yesterday confirmed plans to sell its 35 percent stake in Independent Media, publisher of The Moscow Times, Vedomosti and Russian Playboy, a company official said.
According to magazine division head Theo Bouwman, the sale is part of efforts to unload its entire magazine unit, which includes publications in several Western and Eastern European nations.
Bouwman said he "hoped the sale would be over by May or June," but refused to identify any potential buyers for the Indepedent Media stake.
A source close to the deal said that the shares would be auctioned off, although it was "too early" to discuss potential bidders. The source also confirmed that Independent Media could possibly be sold off outside the scope of the larger deal.
Bouwman confirmed that 55 percent of Indepedent Media is controlled by Moscow Times founders Derk Sauer, Anna Marie Van Gaal and others.