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Business

Axel Springer Eyes Russian Publishing Market

The Hamburg-based German newspaper publishing group Axel Springer, which publishes the mass-circulation daily Bild, will open its fourth subsidiary in eastern Europe when it sets up shop in Moscow. The group plans to launch a number of publications in Russia over the next two years, Springer board member Andreas Wiele announced on Thursday in Hamburg. "With a population of 145 million and a growing middle class, Russia is a highly interesting market with a huge readership potential," Wiele said. The Axel Springer group is already an established name in Eastern Europe with offices in Hungary, Poland and the Czech Republic. The group is now the largest publishing house in Hungary, where it owns 19 magazines and 10 newspapers. The company also own Poland's second-largest newspaper.