Russia tightens grip on media landscape as Yandex sells homepage, news to rival VK

VK

23/08/2022 08:05

MOSCOW, Aug 23 (Reuters) - Russian internet giant Yandex
 YNDX.O  on Tuesday said it had agreed to sell its news
aggregation service, Zen content platform and yandex.ru homepage
to rival VK  VKCOq.L  in exchange for 100% of food delivery
service Delivery Club. 
    The move marks a significant shift in Russia's internet
landscape, with Yandex effectively passing the reigns that steer
the distribution of online content in the country to VK, a firm
controlled by state-owned entities after a structural overhaul
late last year.  urn:newsml:reuters.com:*:nL8N2SO3IY
    "The board and management of Yandex have concluded that the
interests of the company's stakeholders... are best served by
pursuing the strategic exit from its media businesses and
shifting to a focus on other technologies and services," Yandex
said in a statement. 

 (Reporting by Reuters)