koikkalainen katja by 1SbCc2u1


									BASEES Study Group Conference ‘The Mass Media in Post-Soviet Russia’, 6-8 April 2006,
University of Surrey

Researcher, M.Soc.Sc.
Katja Koikkalainen
Aleksanteri Institute, University of Helsinki, Finland &
Department of Journalism and Mass Communication, University of Tampere, Finland

Internationalization and growth
of business journalism in Russia

1. Introduction

The presentation deals with the internationalization and growth of business media market in Russia.
The growth of the business media from 1990s onward is closely tied with the changes in society. In
overall, the society has become more market orientated and the need for financial and business
information has rapidly grown. New technologies and the rise of telecommunications sector have
shaped the use of media. In Russia, the business press was ‘re-established’ in the beginning of the
1990s. Since the early 1990s the business journalism has developed rapidly and is in the forefront of
globalization in Russian media market. The end of the 20th century and the beginning of the next
one have been time for numerous launches in Russia, and the business press is still under re-
formation and constant development. The printed press is alive although online services and mobile
solutions already are the number one news source for some professionals. Foreign media companies
have actively entered Russian market of business press. In Russia, the financial press market is, like
the magazines market, one of the media sectors with considerable foreign ownership and investment
compared to the situation in the other media market. The challenge is the divided structure when it
comes to the development of the information technologies; the needs and production of business
information are very different in big cities and in rural areas.

In this presentation, the aim is to find out the trends of internationalization and growth in business
press. Issues on ownership, journalistic practices and audiences are discussed. The first part of the
presentation gives information on ownership and financing, in the second part the focus is on how

the internationalizing of practices is interpreted by business journalists. The journalists’ views are
from interviews, made for PhD research. In my dissertation research I am comparing standards and
practices between Russian financial press and international financial press and looking at how
Russian business journalists see the difference and similarities between the Russian and
international ones. This dissertation research aims to find how the printed financial press in Russia
has developed and changed and what the role of cultural exchange and international journalism
models is in this process.

2. Business information market

Although the newspapers catch nowadays less people than television and the specialised ones are
read by a relatively small circle of people, the demand for special area information like business
information has moved upward with the rise of economy. Also the advertisers have found their way
to financial publications. Besides the printed press – newspapers and journals – there are a number
of internet sites and television programs devoted to financial information.

Widely understood there are a lot of economic and financial publications in Russia. The concept
‘economic press’ includes quality newspapers and specialised magazines as well as weekly free
advertisements papers (see, for example, Kulev 1996, 13-14 and Mordovskaya 1998, 75-76). The
two most important dailies for Russian business community are Kommersant and Vedomosti.
Kommersant (Businessman) is today more like a general quality newspaper than just a financial
newspaper, but it was the first new kind financially orientated newspaper in the new Russia after the
collapse of Soviet Union. Younger Vedomosti (Gazette) is more purely a financial newspaper.
Kommersant and Vedomosti are among the best known central daily newspapers. Kommersant was
founded in 1989, even before Soviet Union collapsed. In the year 2005 the print run was over
110,000. The paper was independent in the beginning, but since year 1999 until 2006 Publishing
House Kommersant was within the circle of influence of the businessman Boris Berezovsky.
Berezovsky sold his share to the co-owner of his businesses, Badri Patarkatsishvili in February
2006. Kommersant has got 14 regional editions and a sister publication in Ukraine. As they in the
Kommersant say, the financial block, not the whole paper, is competing with Vedomosti. Founded
in 1999, Vedomosti is displaying a good level of respect in the financial newspaper market. The
average print run was about 65,000 in the year 2005. Vedomosti has got seven regional editions.

The newest project in Moscow business daily markets is Biznes, a daily directed to middle and
small entrepreneurs. Publishing house Sekret firmy launched Biznes in autumn 2004. The main
product of the publishing house is a weekly magazine Sekret firmy (The secret of the company). Of
the three business dailies, Kommersant has got an audience of 302,500 (184,300 in Moscow) for
one issue, Vedomosti - 129,000 (119,000 in Moscow), and Biznes - 32,100 (all in Moscow) (TNS
Gallup Media: Auditoriya periodicheskoy pressy - 2005/01).

In St. Petersburg, Swedish Bonnier owns the main business daily Delovoy Peterburg. Delovoy
Peterburg has been published since 1993, the daily circulation is approximately 23 000 copies
(Novosti SMI 6/2005, 38). It is a tabloid with very similar outfit with other Bonnier business
publications. One experiment with international cooperation in the 1990s was Finansovye Izvestiya,
which was founded by Russian Izvestiya and Financial Times (Gourevitch 2001, 45). Nowadays a
publication carrying same name, Finansovye Izvestiya, comes out as a supplement of Izvestiya.

Other business publications in Russia in federal level include, for example, weekly newspaper
Ekonomika i zhizn, weekly magazines Ekspert (Ekspert-Media), Dengi (Kommersant publishing
house) and Sekret firmy (Publishing house Sekret firmy). There is also a wide selection of regional
and local publications. In internet, RBK news service is devoted to economic and financial news;
the economic TV channel RBK belongs to same company. The shares of RBK are, unlike the other
bigger media houses in Russia, listed in the stock exchange RTS. In March 2006, RBK expanded to
printed publications when launching a business monthly magazine. According to the general
director of the company, Yuri Rovensky, this is only their start in printed press market
(Dolgosheeva 2006). In printed media, biggest growth is seen in magazines; the magazines market
extends to new brands, themes and audiences. The biggest newspaper readership is measured
among popular weekly newspapers; also established specialised publications do get steady readers.
(Koikkalainen 2005.) The quick growth in magazines market makes it attractive for the provider of
electronic services, too. According to the Russian union of information offices AKAR,
advertisement in the printed press accounted last year 1.4 billion dollars, with increase 16 % from
the previous year. The increase in magazines was 23 % and total share 580 million dollars. (AKAR
2006). Newest business weekly magazine, SmartMoney, started March this year, by Independent
Media. The name comes from the partner publication by Dow Jones in USA, but as the editor of
Russian SmartMoney Leonid Bershidsky said in the editorial of the first issue, the concept of the
publication is thoroughly thought by Russian team (Bershidsky 2006). So, the SmartMoney has

picked some things from the US analogue and developed some their own. Here we come to the
question of licensed and other foreign-like or foreign-owned publications.

2.1. International ownership

In business publications, as well as in magazines market, there are more international investments
than in other press. This is an important factor behind the internationalising features. For example,
the publishing company behind Vedomosti, Independent Media, was originally started by Dutch
and sold in January 2005 to Finnish SanomaWSOY for 142 million euros (SanomaWSOY release
19.1.2005). It is the largest magazine publisher in Russia and publishes, for example, Cosmopolitan
and Men’s Health and three newspapers, including Vedomosti (this paper is in cooperation with FT
and WSJ). In magazines market, international cooperation blossoms in Russian versions of foreign
brand magazines. The main brands are there already: Burda, BusinessWeek, Cosmopolitan, Forbes,
Newsweek etc. The western brands effectively attract advertisers. Today, licensed magazines are
more successful than Russian projects in almost all segments when measured by advertising
income. The already known and tested brand makes it easier to convince advertisers about the
project’s successfulness; some companies also prefer to advertise in all nationalized publications of
one brand. However, in business weeklies the leaders are Russian brands, maybe because of their
long presence in the market before the licensed versions of foreign publications. (Alekseenko 2005,

In business daily press, Bonnier Business Press, the publisher of Dagens Industri, has announced
about plans to start a daily in Moscow (See Koikkalainen 2005.) The Moscow newspaper,
apparently, would be a sister publication to Delovoy Peterburg and other Bonnier business
publications around the Baltic Sea. If Dagens Industri goes to Moscow, the market of daily business
papers will tighten because there already are three business orientated dailies: a) Vedomosti,
published by Independent Media is pure financial newspaper following the model of Financial
Times and The Wall Street Journal, b) Kommersant, owned and made by Russians started as
business paper but now is a general interest newspaper with a strong business section, c) Biznes, a
newcomer from year 2004 and published by Russian-owned publishing house Sekret firmy.

Also other former Soviet Union area, for example, Ukraine, has become an interesting field for
foreign media investors. The unsaturated market gives them possibility to bigger growth than in

their home markets. Foreign companies operate mainly in capitol cities or other big cities. (See
Koikkalainen 2005.) Foreign companies seem to be especially careful with their projects, they
mainly take part in business media or popular media projects with no or very little political risks. In
overall, in Russia there still is room for new publications. In Russia, the number of totally new
products is high compared to, for example, Nordic countries. There the trend is to develop new
thing with old brands - for example, a newspaper begins to provide TV news. In Russia, new
projects are launched both inside a media holding and as separate, new products. The newest
magazine launches RBK and SmartMoney are projects with which a media holding expands to new
- but logical to it - area.

2.2. Audiences

The commercialization and success of business publications can be seen in readership numbers.
Circulation of Vedomosti, for example, has increased same time as the total circulation has
decreased during last years. In Russia, in the beginning of the 1990s the number of publications and
circulation figures increased sharply. During the 1990s the average circulation of national
newspapers dropped from 2.58 million to 118,0001. Newspapers have from 1990ies and onwards
lost their position as news media for TV. The biggest readership is measured in popular weekly
newspapers; also established specialised publications do get steady readers. Categorization to all
smaller niches is going on. Business media has managed to find a growing demand from audience
and to encourage advertisers.

 Vartanova, Elena (2004): Russia. In Kelly, M., Mazzoleni, G. & McQuail, D. (eds.) The Media in Europe. (3rd
edititon). London: Sage. Cited by Ekecrantz 2005, 96.

                  Vedomosti print run
                                                 Print run






           1999   2000   2001   2002   2003   2004   2005

Chart: Vedomosti circulation 1999-2005. Source: Vedomosti

For reaching new audiences, the business publications have expanded their formats and themes
within the original brand. By the way, Kommersant started weekly magazine already in the 1990s -
and there was a weekly newspaper before the daily was launched 1992. Nowadays both Vedomosti
and Kommersant publish a variety of full-color supplements besides the normal black-and-white
newspaper. Special themes include mode, tourism, real estates etc - themes that attract
advertisement and wide scope of readers. Russian publications have adapted western formats and
even use English in titles. In Kommersant, the weekend supplement is called Weekend. The
weekend supplement of Vedomosti is called Kak potratit; it is an analogue to How to spend it,
published by Financial Times.

Russian business audience is relatively young and well educated. Over quarter of Vedomosti
readers are in the age group 25-34, another quarter is in the segment 35-44. Majority of readers are
men, and 60 per cent are directors or specialists. 77 per cent of readers work in privately owned
enterprises and 58 per cent has income above average, tells the readership survey made by Gallup
NRS Survey. (Vedomosti audience profile 2005.) In Kommersant, the statistics is quite similar.
Almost 30 per cent of readers of the Kommersant daily and Dengi and Vlast weeklies are in the age
group 25-34, and over a quarter in the age group 35-44. 57 per cent of readers are men; over 70 per
cent has got a higher education. Over 90 per cent has got average or higher than average income.
(Kommersant audience profile 2004.) In internet publications, the audience profile is close to the
profile of printed press. The users of RBK internet site are in the big cities, mostly in Moscow, and

present men of age group 25-44. Two thirds has got higher education, 40 per cent are managers and
30 per cent specialists. The difference lies in the occupation spheres: a quarter of RBK users are
working in telecommunications and IT sector, and 20 per cent in finance, assurance or real estates.
(RBK audience profile 2004.)

However, the circulation and readership per population still is low in Russia: Dagens Industri has
got almost same circulation as does Kommersant - in Sweden with nine million inhabitants
compared to Russia’s 144 million2. Possible explanations can be found, for example, in audience
profiles. In Russia, the readers of business publications are mainly managers and specialists with
higher than average income. In Nordic countries, the audience is more heterogeneous. One big
audience group there is the small investors - ‘average’ people with ability and will to enter
investment and stock market. Maybe the audience profiles reflect the state of business environment
and the wideness of ownership structures? If the shares of Russian companies come more widely as
subjects of open trading in stock exchanges, the group of small investors can be a potential new
audience group also in Russia.

3. Internationalisation of practices

Internationalization of media business does affect not only ownership but also daily routines and
contents. In my dissertation research I am comparing standards and practices between Russian
financial press and international financial press and looking at how Russian business journalists see
the difference and similarities between the Russian and international ones. (See, for example,
Koikkalainen 2004.)

To illustrate the similarities and differences between Russian and international business press, I’ll in
this presentation focus on journalistic source practices and attitudes towards fact-based journalism
in Kommersant and Vedomosti newspapers. The examples are extracts from research interviews,
conducted in 2002-2004, with 16 journalists in these two newspapers; some of them work as
editors. The results can not be generalized to all business media in Russia, but it is assumed that the
illustrated routines and practices are also somehow familiar in other news offices. In the coding of
the extracts, ‘H01’ is the code of the interviewee, ‘40’ is the number of the speech act in the

 Circulation of Dagens Industri, Sweden, was 115,000 copies in 2003 same time when circulation of Kommersant,
Russia, was 105,000 copies. Source: Nordicom (and Swedish Audit Bureau of Circulations, Swedish Newspaper
Publisher’s Association), TNS Gallup Media Russia, company information.

interview. Journalist interviews focus on views on diffusion of journalism models and practices and
the role of financial journalism in the media field and in society. The most important foreign role
models for the financial daily press in Russia are The Wall Street Journal and the Financial Times -
like in many other countries. Some of basic assumptions are that in this field globalisation means
adaptation more than invasion, and that it is going on via localisation. Editors and reporters of
Kommersant and Vedomosti basically share the view that there are global trends and visions but
have several angles to the question what the possible foreign impact is like. Many of them see that
although Russian financial journalism has taken its basic model from abroad, it is not a question of
copying a model as such, but foreign conventions are mixed with the Russian heritage. It seems that
Vedomosti’s working standards are closer to the standards of The Wall Street Journal and the
Financial Times; the impact comes mainly from the ownership cooperation with these newspapers.

3.1. Source practices

Journalistic source practices in Russian business newspapers, Kommersant and Vedomosti, seem to
have something in common with the western counterparts while some features differ. What are the
strongest similarities? The primary sources, the ‘newsmakers’ are of major importance for Russian
business journalists. According to the interviewed journalists, a ‘newsmaker’ could be defined as a
person (or sometimes an institution) from a company or government who can give first hand
information on a news event. The information flow is sometimes both-sided; journalists
occasionally share information with their source. Here I find a difference between Russian and
western practice: in the west, the position of a journalist and a source is more differed - a journalist
hardly has got some new information to tell to a source. Personal sources are as highly ranked as
everywhere else while press releases are of minor importance. The journalists do have some kind of
a rank order, at least an implicit one, for sources. Some statements are preferable to others. This
kind of weight can be reached, for example, with a high position in an organisation. It is
understandable that journalists prefer to reach first-hand sources and get comments from the highest
level of an organisation.
              ”The most important information source is always the person, who has made the decision and taken
              part in the process. If, for example, Gazprom buys from [Vladimir] Gusinsky a part of MediaMost
              actives, it is understandable that there are two information sources, sources of final information -
              Gazprom preferably in the person of [Alexei] Miller and Guzinsky.” (H12, 42, female)

This practice sounds common in the west, too - at least when comparing to own experience in a
Finnish business daily. When doing a news item on a big Nokia event, why not to try catch CEO

Jorma Ollila instead of a spokesperson? The goal can be same, but there can be difference in the
working environment. Is the ideal common but the outcome different? Here I do not have an

There was no big difference between the opinions of Vedomosti and Kommersant journalists or
between men and women on the source evaluation. The most valued sources are first-hand sources
inside companies; forming own contact networks is of major importance for a journalist. Politicians
are not very valued sources among business journalists – maybe journalists are looking for clear
distinction between politics and economics? In the west, also politicians are valued sources. Some
journalists see that analysts are good sources, some hold an opposite view. Vedomosti journalists
adopt a more positive view on analysts as sources. Research centres and universities are not among
everyday sources. PR offices are among less valued sources: journalists want first-hand
information. How does an ideal newsmaker look? An ideal newsmaker could be a CEO-level
person in an internationally orientated big business, having a good relationship with a journalist or a
paper and always ready to comment on her or his name without waiting payment for that

Many of the interviewed Russian journalists emphasize the importance of a wide source network
and personal contacts - the newsmakers. However, it takes time to form a good source network.
Kommersant started network building with the business life already before the collapse of the
Soviet Union and the shift to market economy, so it has gained quite a special position in the

Comparing business journalists’ source practices to Svetlana Pasti’s study (2004, 179-180) on St.
Petersburg journalists yields interesting remarks. In Pasti’s study, the most important journalistic
source was other media. According to Pasti, the phenomenon is common among practitioners who
started their journalistic careers already in the Soviet Union. This “older generation” also relies in
rumours and specialists. The younger generation favours official sources, personal contacts and
internet. The practices of the younger St. Petersburg generation show similarity with Moscow
business journalists. None of Moscow journalists spontaneously mentioned another medium as an
important source. They read, listen and watch various media products but do not actively recycle
materials from other media. News agencies are appreciated for the signal producing - they help to
keep up-to-date and to find events that might be newsworthy (H06, 42, male). News agencies are
also used for international news: “Understandable reason for that is that we do not have not so many
people there with whom to discuss.” (H04, 40, male).

According to some of the interviewees, corporations whose shares are quoted on the stock exchange
are regarded as cautious with reporters: it is hard to find a first-hand source inside the company. In
closed companies that is easier. (H14, 32, female.) Companies, using western standards, are
regarded reliable because they are assumed to avoid lying:
              “The easiest is, probably, with those companies who aim at capital rising, entering western markets. It
              is good to work with companies, whose shares already are quoted on the west. They use western
              standards for information handling. But, of course, also there are some difficulties. They do not tell
              anything before official opening, since that is not allowed. - - And what is nice is that they avoid lying.
              - - It is also very important to us that if the company does not want to tell something it at least do not
              lie.” (H03, 60, female.)

This excerpt tells us about western standards - and lets us wonder if the Russian standards are
different. This journalist has got a clear idea of what should be the standard. It seems that Russian
companies are working in more ‘grey’ area and that it is harder for a journalist to work with them
because of the lack of rules - or the lack of obeying the rules. Does this give us glue why the
networks and personal ties with the newsmakers are so important? Does the knowing of a
newsmaker make it easier to work in the ‘grey’ area?

3.2. Fact-based journalism

There are similarities and differences in other practices, too. One area is the promotion of fact-based
journalism in business publications. The factual base of a journalistic text is highlighted using
quoted statements of interviewed, the method prescribed by Gaye Tuchman (1978) as a strategic
ritual of objectivity. Here we, again, do need the newsmakers. Interview is often used ritually,
putting unsure sayings into statements - this way they look more “objective” than the text written by
the journalist his- or herself. At the same time, the routine use of personal sources and their
quotations highlights the difference from the Russian/Soviet journalistic practice. Some of the
interviewed business journalists found all kind of interpreting writing useless; they said that no
analysts or scientist were needed in newspaper pages.

The next excerpt is from an interview with a Kommersant practitioner:

              “We do understand very well that a journalist can never beat the parties in the market if we look at the
              expertise on the issue. - - It is very important to understand what happens. That is why a journalist do
              not have the right for an own opinion. That is why we try to get to the newspaper pages opinions,
              comments, assessment by respected people, highly esteemed specialists. That is why we do not need
              analysts. And the less we miss scientists. The representatives of academic sciences are, of our opinion,
              boring, we seldom discuss with them.” (H02, 155, male.)

Here we see that in Kommersant, the analysts were not very warmly welcomed. In Vedomosti,
analysts are thought to be an essential part of business reporting:

              ”I could say that nowadays we, Vedomosti is as model for other media. You can notice it well. Now,
              after three years [since Vedomosti was launched - KK] I look at other newspapers: also they do cite
              analysts; we brought analysts to the stage. Before us nobody turned to them if not to count western
              media, the Moscow Times or Reuters. Now analysts are there almost in all articles about business, they
              are cited by Izvestia, Vremya novostei, Kommersant. - - From us more things are taken than we take
              from others. We do orientate although more to Wall Street Journal, Financial Times.” (H03, 24,

Although analysts are seen as interesting and useful sources by many interviewees, journalists yield
remarks on the mutual interest play. The validity of an analyst’s statement has to be evaluated by
same criteria as all information that sources provide. You have to consider that an analyst can have
ties with companies or be involved in different businesses. An analyst always presents her or his
employer company, too. The evaluation sounds partly familiar when compared to western practices,
but the underlining of the analyst’s ties and background seems to be stronger in Russia. The next
excerpt illustrates the position of PR personnel and analysts:

              ”In practice, they [PR personnel - KK] as much prevent getting information than help. Analysts are
              very useful persons for getting to know and even to understand where to go. But, of course, they may
              have own interests, it is needed to filter the information they give in relation to this. For example, if the
              person in question is an analyst of an investment bank, and this investment bank wants to conclude an
              agreement with, for example, Rostelekom, it may be so that the analyst can not say the truth about
              Rostelekom, that kind of conflicts. - - Different independent [sources] are very important, but again,
              there are several stages of independence in so called independent sources, let me say, for example,
              market surveys, like Komkon. - - They are fruitful. And, of course, the players themselves
              [representatives of companies and institutions - KK]. They can be the most important ones.” (H06, 72,

The excerpt clearly shows us the goal some journalists put themselves: separating facts and opinion
sharply. This interestingly is connected to the difference between Kommersant and Vedomosti. In
Kommersant, showing one’s opinion is accepted while in Vedomosti, opinions are restricted to
opinion pages. A readership survey by Russian union of managers, AMR, shows the preferences of
Russian business community. According to it, both Kommersant and Vedomosti are trusted among
their readers. According to AMR rating, Kommersant and Vedomosti were the most respected daily
business papers; third place was given to Izvestiya. AMR survey was done among over 300
managers and business union representatives and it included also general newspapers with a
financial block. In the rating, trustworthiness, ability of informing, impartiality and actuality were
crucial aspects when Russian managers selected what to read. Kommersant got extra points for

showing its opinion. According to evaluation, showing opinion doesn’t exclude objectivity. (Reiting
kachestva 2004, Taloussanomat 20.7.2004.)

A strict line between facts and opinions is used in other media, too. Especially in news agencies fact
based journalism of information is used if the counterpart is creative journalism of opinion. As
Boyd-Barrett and Rantanen (1998, 6) state, Anglo-Saxon journalism of information has over the
past century enjoyed increasing worldwide influence. The contrast for this is more literary and
discursive, “European” style. In spite of this development, they see that the newspapers still do
remain the media of partisanship, political commentary, invective, and analysis. According to them,
the boundary between “news” and “opinion” is an area of constant movement. The boundary has
more to do with an appearance of credibility than with expulsion of ideology from news texts. This
supports the view that in Russian economic press, the news agency style with fact based journalism
is sought after for highlighting the reliability and difference from the other media.

4. Conclusions

The main trends in Russian business press are commercialization, differentiation and
internationalization. Licensed magazines and foreign publishers have come to stay in media market,
especially in business publications and glossy magazines. The stream of newcomers has been steady
during the last years and forms an essential part of the growth of the sector. Foreign publishers stay
mainly in entertaining or business publications. It seems that more and more often newspapers and
magazines are part of ‘normal’ business in contrast to politically orientated projects - the role of the
media as a mouthpiece of the owner has decreased when commercialisation has increased.

Although there is international ownership, common content is rare. In every country there are local
agendas in economics and politics. In some papers, translated articles from corporation archives are
found: for example, in Vedomosti there daily appear some articles from The Wall Street Journal and
Financial Times. But even there the translated articles often are localised. International influences
are seen also in the publication genres and writing styles. For example, the business publication
family created by Dagens Industri shares same receipt of scoop presentation be the paper in Sweden
or Russia. The presentation of main own news has to be concrete and to surprise the reader; other
important points include surprising the reader, personification of the item, presenting conflict,
staying firmly in the timeline and being relevant (Lindén 2003, 36).

In journalistic practices, business publications are among the first media enterprises when
introducing international styles or practices. They have got a role of a lighthouse, promoting market
economy, and this role includes also adopting and testing imported journalistic practices. In this
presentation, source practices and attitudes to fact-based and opinion journalism were discussed.

Personal sources are very common in Russia, just like in the west, while press releases are of less
importance. There was no big difference between the opinions of Vedomosti and Kommersant
journalists or between men and women. The most valued sources are first-hand sources inside
companies; forming own contact networks is of major importance for a journalist. Politicians are
not very valued sources among business journalists – maybe journalists are looking for clear
distinction between politics and economics? In the west, also politicians are valued sources. Some
journalists see that analysts are good sources, some hold an opposite view. Vedomosti journalists
adopt a more positive view on analysts as sources. Research centres and universities are not among
everyday sources. PR offices are among less valued sources: journalists want first-hand
information. How does an ideal newsmaker look? An ideal newsmaker could be a CEO-level
person in an internationally orientated big business, having a good relationship with a journalist or a
paper and always ready to comment on her or his name without waiting payment for that. Not all
sources - if any - are ideal, so the journalists have to do constant evaluation. The variety of sources
used among journalists tells about the level of ambition and dedication to work - it seems that many
of the interviewed journalists are job-orientated and want to do their work well. They not only write
routine news from routine sources but try to find own news and a good variety of sources.

When it comes to the idea of fact-based journalism, the promotion of it has got sounding board in
business press. However, the attitudes here differ between the journalists of Kommersant and
Vedomosti unlike in source question. Some of the journalists, especially in Vedomosti, found all
kind of interpreting writing useless. Some journalists would not like to accept even analysts to say
their opinion on companies. In Kommersant, a journalist can more clearly express her or his attitude
in the writing.

The comments of the Russian business journalists show us how commonly shared the ideals of
financial reporting are - but one can ask, if the ideals are the way the business culture is going to
grow. This links us to the question how united is the business community. In western countries with
stabile economies the business community seems to be quite homogenous and stabilized. This is

mirrored in business media where the differences between publications are not very significant - the
variation in news agendas inside a country is not large. In Russia, the outlook for development of
business press is quite stabile and with optimistic growth prospects. One can forecast that some of
the less profitable publications will disappear or merge. In quality business press, the saturation
lever is highest in magazines, but still there seems to be room for newcomers. Business media in
Russia seem to be open to influences and eager to catch newest trends in electric and mobile
solutions. Development is crucial: without it the game is over.


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Dolgosheeva, Ekaterina (2006): RBK vyhodit v pechat. Vedomosti 28.2.2006.

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Koikkalainen, Katja (2004), Russian Financial Press in a Global Context. In: Vartanova, Elena &
Zassoursky, Yassen N. (eds.): Shaping Tomorrow’s Media Systems. UNESCO Chair in Journalism
and Mass Communication, Faculty of Journalism, Moscow State University, pp. 172-179.

Koikkalainen, Katja (2005): Pohjoismaiset mediatalot suuntaavat itään. [Nordic media companies
going to the east.] Taloussanomat 23.7.2005, 22.

Kommersant audience profile 2004. http://www.kommersant.ru/reklama/reklama-
business_charact.htm (Read 14.3.2006.)

Kulev, V. S. (1996): Delovaya pressa Rossii. [Business Press in Russia.] Moskovskiy
gosudarstvennyy universitet. Fakultet zhurnalistiki.

Lindén, Carl-Gustav (2003): Snabbhet, djup, relevans. Rapport om ekonomijournalistiken. SSKH
Meddelanden nr 64. Svenska social- och kommunalhögskolan vid Helsingfors universitet, Helsinki.

Mordovskaya, Ye. I. (1998): Delovoye izdaniye v sisteme periodicheskoy pechati:
Tipoobrazuyuchiye faktory, kharakter stanovleniya i razvitiya. [Business publication in the system
of periodicals.] Dissertaciya kand. filol. nauk, MGU im. M. V. Lomonosova. Fakultet zhurnalistiki.
Kafedra periodicheskoy pechati.

Nordicom, www.nordicom.gu.se (Read 11.10.2005)

Novosti SMI 6/2005: “Solidnost delovogo izdaniya prezhde vsego opredelyaetsya soderzhaniyem, a
ne ego formatom”. Pp. 36-38.

Pasti, Svetlana (2004): Rossijskii zhurnalist v kontekste peremen. [Role of Russian journalist in
transition.] Media Sankt-Peterburga. Tampere University Press: Tampere.

RBK audience profile. http://www.rbc.ru/advert/company_advert_audience.shtml (Read 14.3.2006.)

Reiting kachestva i populyarnosti delovykh pechatnykh SMI Rossii (2004). Assosiatsiya
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Taloussanomat 20.7.2004, Kommersant edelleen Venäjän arvostetuin talouslehti. [Kommersant still
the most respected business paper in Russia.]

TNS Gallup Media Russia, http://www.tns-global.ru.

TNS Gallup Media: Auditoriya periodicheskoy pressy - 2005/01. In: Novosti SMI 9/2005, 54.

Tuchman, Gaye (1978): Making news. A Study in the Construction of Reality. New York: Free

Vedomosti audience profile 2005, http://www.vedomosti.ru/eng/profile_eng.pdf (Read 14.3.2006.)


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