Russian search large Yandex has confirmed the completion of the sale of two of its flagship media properties, Information and Zen, to native social media large, VK, following regulatory approvals.
As we reported again in March, Yandex started in search of methods to dump its information aggregator and running a blog recommender platform within the wake of Russia’s invasion of Ukraine because the Kremlin has cranked up management of the media and freedom of expression — looking for to form the narrative round what it solely ever refers to as a “particular navy operation”. The Russian state has additionally sought to clamp down on anti-war sentiment, elevating dangers for media house owners. And we perceive Yandex insiders had come to check with Information and Zen as “poisonous belongings”.
In a press release right now, the Dutch registered firm introduced its Russian working subsidiary had accomplished the sale of the information aggregation platform and Zen “infotainment” service to VK — confirming too the acquisition of 100% of the meals supply service, Supply Membership, which had been owned by VK.
The transaction acquired approval from the Federal Antimonopoly Service, Yandex added.
Following closure, Supply Membership turns into a part of Yandex’s ‘E-commerce, Mobility and Supply’ phase. And Yandex’s assertion notes that, as of right now, the model be consolidated within the group’s monetary outcomes — with these modifications resulting from be mirrored in its third quarter monetary outcomes.
As we reported final month, the sale contains the Yandex.ru homepage which can go to VK — with guests to that web site being redirected to a renamed model of the web page, dzen.ru, which is managed and developed by VK.
The redirect is predicted to start taking place later right now.
We perceive that the deal to promote Information and Zen to VK was a pure asset swap — with no monetary element to the transaction.