Norwegians refused to Moscow newspapers because of the advertising crisis.

Norwegian company Schibsted will no longer promote a free newspaper in Moscow, "My area". Foreign investors decided to reduce investments in the Moscow newspaper until such time as the advertising market does not recover, writes the newspaper Kommersant.
Newspaper "My district is published in Moscow and St. Petersburg. It differs from others that is free, but its content depends on the area of the city where the newspaper is published.
Norwegians have acquired two-thirds of "my area" in St. Petersburg in spring 2006, spending on this 3.3 million dollars. 4,4 million Schibsted had planned to invest in the launch of the newspaper in Moscow.
The refusal of the development of Schibsted newspaper does not mean that it will be closed. Now manage "my area" will be Russia's management of the project, and Norwegians remain minority shareholders. This leaves the Schibsted will be right again to buy back shares in the basic package, when the advertising market begins to recover.
In the face of financial crisis and recession in the advertising market "My district was forced to cut costs by 35 percent and waive the localization of content.
Recall that according to various projections, the advertising market in the print media in 2009, significantly affected by the crisis. According to the analytical center "Video International", by March the Russian press advertising revenues could fall by a third. In December, in the print media has already been recorded decline in income at 4.5 percent.
Schibsted company was founded back in 1839 and is now represented in 22 countries. The Company's revenues in 2008 amounted to about 2,4 billion euros and a net loss - 102 million euros.