The private equity fund, UFG Private Equity Fund I, sold its 50%-1 stake in News Media, the publisher of weekly tabloid Zhizn and video news portal Life.ru, for $80 million to entities close to National Media Group, reported business daily Kommersant.
UFG agreed to invest $40 million for its stake in News Media in April 2006.
News Media publishes weekly newspaper Zhizn (“Life”) with a print-run in Russia of 2.2 million and daily newspaper Tvoi Den (“Your Day”) with a print-run of 350,000. The company reported revenues of ca. $48 million and net income of $1 million in 2007. According to TNS Web Index, its video news portal Life.ru, which was launched in February 2008, had 1.7 million users in Moscow along and 4.6 million users in Russia in May 2008.