Germany's Axel Springer sells all of its Russian media assets to comply with new law

The Russian subsidiary of a major German publishing house has sold all of its media assets in Russia to comply with a new law.

Russia adopted a law last year that limited limit foreign ownership in Russian media to 20 percent, citing security concerns. The law has to be enforced by 2017.

Alex Springer Russia said in a statement Thursday that it has agreed to sell all of its assets in Russia, including the Russian Forbes magazine and several glossy magazines, to Russian-owned Artcom Media for an undisclosed sum.

While all nationwide television stations are controlled by the state, some print outlets with foreign ownership, including the Vedomosti business daily and the Russian Forbes magazine, often have been critical of Kremlin policies.