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Axel Springer Closes Russian Newsweek for ‘Economic Reasons’

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.

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