Yandex: Russian internet company sells news and zen business to rival VK

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Yandex stock has been suspended from trading on the US Nasdaq stock exchange since February 28, 2022 after Russia invaded Ukraine and is now selling the News and Zen business.

Amsterdam-based Yandex NV (Nasdaq: YNDX) announced today that it will sell news aggregation service and platform Zen as part of the company’s business model overhaul.

The Russian subsidiary has signed a binding agreement with VK, a social media company in Russia, for the sale of Yandex news aggregation platform and infotainment service Zen.

The areas were already under a strategic review by the management. In return for these assets, Yandex will receive 100 percent of the shares in the Russian food delivery service Delivery Club.

“Yandex’s board of directors and management have concluded that the interests of the company’s stakeholders, including Class A shareholders, are best served by pursuing the strategic exit from the media business (excluding entertainment streaming). while continuing to focus on other technologies and services, including search, advertising, online-to-offline transactional businesses, and a range of B2B technology businesses.”

The Board of Directors of Yandex has already approved the transaction with VK. ya.ru will become the main page of Yandex and the main entry point to search, mail and other non-media services.

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