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Russian edition of Newsweek shut down

Magazine failed to break even during nearly six years of publication.

The Russian edition of politics and current affairs magazine Newsweek saw its last edition come out on Monday.

Publisher Axel Springer Russia said it could not find a firm economic base for the magazine which failed to break even during nearly six years of publication.

Reports last month said Axel had decided not renew its publication licence from the US parent of the title, and that it was in talks with billionaire investor Mikhail Prokhorov to transfer the magazine's business to his control.

However, a Moscow Times report, citing sources at Newsweek's newsroom and Germany's Der Spiegel magazine, said Prokhorov rejected the offer after failing to get approval from the Kremlin.

Newsweek magazine has had an uneasy relationship with the Kremlin as it was one of few pro-opposition media outlets in the country.

Among its outspoken activities was an ad campaign sceptical of Russian authorities and a report on Prime Minister Vladimir Putin's rehearsals of "live" phone-ins, AFP reports.

"Of course our death is a huge loss, but we are not the last," Newsweek editor Mikhail Fishman told Voice of America.