Axel Springer Plans to Close Russian Newsweek Magazine After Today's Issue

Axel Springer AG, Europe’s largest publisher of newspapers, said it will shut its Russian Newsweek magazine “with respect to economic reasons.”

The journal’s Oct. 18 issue will be the last, Axel Springer said in a statement today.

“We have failed to bring the magazine to a firm economic base and we could not create a prosperous perspective,” Axel Springer International President Ralph Buechi said in the statement.

To contact the editor responsible for this story: Brad Cook at bcook7@bloomberg.net

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