SHAFAQNA (Shia International News Association) – Politicians in Russia are determined to reduce western ownership of its media. The FT reports that a bill to limit foreign investment in Russian media to 20% has received parliamentary support. At present, foreign shares in radio and television are capped at 50%, but no such restrictions have previously applied to print media.
Significantly, the proposal was supported by president Putin’s party, which suggests it has a strong chance of becoming law. If it does, the shake-out would affect several of the world’s leading media groups. They include Condé Nast, Disney, Bauer, Burda and German’s Axel Springer. And Russia’s leading business daily, Vedomosti, is part owned by the Financial Times and the Wall Street Journal.