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China: Debt downgraded by second ratings agency

China: Debt downgraded by second ratings agency

Russian billionaire Mikhail Prokhorov has sold his media company, Snob Media, which publishes the liberal magazine Snob, his conglomerate, Onexim Group, said today.

“Onexim Group has stopped being a shareholder of Snob project,” the company said in a statement.

 The magazine was bought by Marina Gevorkyan, who has served as Snob Media’s director since 2012.

“Onexim Group made a decision to stop its involvement in Russian media assets as part of its new investment strategy,” company director Dmitry Razumov was quoted as saying in the statement.

Prokhorov, 52, was ranked 13th richest man in Russia by Forbes this year with a net worth of $8.9 billion. He holds some industrial and financial assets and owns NBA basketball team, the Brooklyn Nets.

Snob was launched in 2008 as a glossy magazine and online discussion club catering to Russia’s cultural and business elite.

Although the print version’s focus is fashion and culture, its columnists frequently express opposition views on political and social news.

In June, Prokhorov already sold his main media asset RBK group, which includes a television channel and news agency known for its editorial independence and investigative reports to businessman Grigory Berezkin, owner of pro-Kremlin tabloid, Komsomolskaya Pravda.

The sale sparked concern for RBK’s editorial freedom in Russia, where independent journalism has come under increasing pressure.

PTI