Ralph Büchi, president of Axel Springer International, says the move is part of the company’s “strategy of internationalization and the development of digital media”. Axel already publishes the Russian print editions and websites of Forbes, Newsweek, OK and Computer Bild.

Dr Torsten-Joern Klein, head of G+J International, says: “We are still interested in those international markets where we already occupy leading positions, or those where we can achieve them.” But he says G+J could only could reach a leading position in Russia “through the commission of a huge number of additional acquisitions at high prices”, so it’s opted to sell the business.