Shareholders of the Alpina Business Books Independent Media Sanoma Magazines publishing house (United Press) and the Editorial Services company have decided to split their business.
The cause for the division was that both sides had different visions of how the company should develop. When two sets of shareholders own 50 percent of the business, neither one is able to run the business effectively. Both sides feel positively about the period of close cooperation, but from now on, Independent Media Sanoma Magazines (United Press) and Editorial Services will develop their respective book publishing businesses separately. Both sides came to an agreement about the terms of dividing the business. The deal is expected to be concluded by late May or early June.
Starting in June 2009, Independent Media Sanoma Magazines (United Press) will begin publishing books under the Alpina Business Books brand name. Yelena Yevgrafova, editor-in-chief of Harvard Business Review in Russia, has been named editor-in-chief of the new concern. Yelizaveta Barakhtina will serve as the publisher of IMSM Alpina Business Books.
The Editorial Services company will continue publishing business literature under the Alpina Publishers brand name. Alexei Ilin will serve as the editor-in-chief of the company.