Russia's Kommersant ends TV channel

Last Updated: Wed, Jun 27, 2012 04:26 hrs

Moscow:  Russia's Kommersant publishing house has announced that it was getting rid of its television channel, that was launched in 2011, because of its financial under performance.

"A day of the channel's operations loses enough money to buy a good German car," Dmitry Sergeyev, director general of the publishing house, was quoted as saying by the by website. estimated total investment in the channel at $8-$10 million.

Editor-in-chief of Kommersant-Vlast political weekly, Maxim Kovalsky, stepped down in December after a clash with the publishing house's billionaire owner Alisher Usmanov.

The tycoon, a self-professed Kremlin loyalist, was angered by Kommersant-Vlast running a photo of a ballot for the parliamentary elections with an insult to then-prime minister Vladimir Putin scribbled on it.