Newsweek to Sever Ties with Itogi

Apr 18, 2001, 01:00 ET from Newsweek

    NEW YORK, April 18 /PRNewswire/ -- Newsweek announced today that it is
 setting in motion the legal process of terminating its relationship with the
 Russian newsmagazine Itogi.  "We are taking this step with great sadness,"
 said Chairman and Editor-in-Chief Richard M. Smith.  "But under the terms of
 our contract with Media Most and its subsidiary Seven Days Publishing, we have
 the right to withdraw from the relationship if control changes hands.  While
 the ownership remains under legal challenge, this week's events in Moscow
 clearly indicate that control has passed to a new group.  In accordance with
 the contract, Newsweek will no longer send editorial material to Itogi or sell
 advertising for the magazine.  We also expect Itogi to stop using the Newsweek
 logo."
 
 

SOURCE Newsweek
    NEW YORK, April 18 /PRNewswire/ -- Newsweek announced today that it is
 setting in motion the legal process of terminating its relationship with the
 Russian newsmagazine Itogi.  "We are taking this step with great sadness,"
 said Chairman and Editor-in-Chief Richard M. Smith.  "But under the terms of
 our contract with Media Most and its subsidiary Seven Days Publishing, we have
 the right to withdraw from the relationship if control changes hands.  While
 the ownership remains under legal challenge, this week's events in Moscow
 clearly indicate that control has passed to a new group.  In accordance with
 the contract, Newsweek will no longer send editorial material to Itogi or sell
 advertising for the magazine.  We also expect Itogi to stop using the Newsweek
 logo."
 
 SOURCE  Newsweek