RTVI: Forbes in Russia may restart as The Billions
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The Russian edition of Forbes magazine is looking for an investor to refinance debts and invest in media development, writes RTVI citing a source and a Forbes investor presentation. It is reported that we are talking about the amount of 450 million rubles, which, in particular, will be used to restart the Russian edition of the magazine under a new name – The Billions.
“The publication needs funding in the amount of 240 million rubles. until the end of 2022, of which 105 million rubles. needed to refinance foreign loans. Another 160 million rubles. the publication needs in 2023 and 50 million rubles in 2024. Thus, the total project will require about 450 million rubles. investments,” the content of the presentation for investors is given in the RTVI material. The Billions is expected to reach partial cashback and profitability by 2026.
The presentation also emphasized that The Billions would not write “about politics per se”, but would consider political news in terms of its impact on business and the economy. The structure of the new project should include all structures related to the Russian-speaking Forbes (F-Congress, F-Education, F-Club, F-Agency).
The Russian edition of the magazine has been published in Russia since 2004 under the license of the American Forbes Media LLC. In May of this year, the Russian Forbes suspended the release of the paper version against the backdrop of falling advertising revenues. Later, the court ordered the new owner of the magazine, Magomed Musaev, return to its former owner Alexander Fedotov.
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