Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Forbes Owner Looking for A New Publisher in Russia

The U.S. owner of Forbes magazine is looking at two potential new publishers for the Russian edition, which is waging an uphill court battle over an article about Mayor Yury Luzhkov's billionaire wife, Vedomosti reported Thursday.

A spokeswoman for Forbes in New York said she had no information about any search for a new publisher. Forbes' Russian edition and its publisher, Axel Springer Russia, both declined to comment on the issue Thursday.

Vedomosti, citing media sources, said Forbes vice president for business development Miguel Forbes would visit Moscow in a few days to consider two alternative publishers for the magazine -- Hachette Filipacchi Shkulev and Independent Media Sanoma Magazines, the parent company of Vedomosti and The Moscow Times.

Germany's Axel Springer, the parent company of Axel Springer Russia, sent out proposals early this year to Hachette Filipacchi and Independent Media, offering to sell the Russian business, the report said.

Axel Springer in Germany did not respond to questions about the proposals Thursday.

Independent Media CEO Derk Sauer was unaware of the visit and said he and other company executives were not scheduled to meet the Forbes executive. He said Independent Media had not received an offer to buy Axel Springer's business in Russia.

Viktor Shkulev, president of Hachette Filipacchi, was not immediately available for comment.

Forbes' local edition and its publisher are embroiled in a court battle with Inteko over an article that suggested that part of the reason for Inteko's success was the fact that its owner, Yelena Baturina, was Luzhkov's wife.