Businessman Emin Agalarov is the new owner of OK! magazine.
The deal went through on Friday and will be finalised within the month. The popular glossy publication and its website will be transferred to the assets of ZHARA Media Group.
The former shareholder of OK! magazine Magomed Musayev
commented on the acquisition: 'Back when I acquired Forbes and OK! last August, I expressed my intention to sell OK! magazine. We conducted a scheduled audit and completed a stage of anti-crisis management, and then moved on to looking for a buyer who would be able to realise the full potential of OK! magazine. I believe Emin Agalarov is the perfect owner in terms of the market's needs and the magazine's prospects. We have confidence that he will develop this project successfully. I would also like to thank Vadim Vernik, a talented and passionate professional, for his great work.'
OK! magazine will contribute to the development of Emin Agalarov's media business and help broaden the target audience of ZHARA Media Group. Changes will only be made to the management structure—the format of the publication and the advertising terms will remain the same. The editorial policy will also remain unchanged.
discussed his decision to acquire OK!: 'We have a history of a long and successful partnership with OK! ever since the magazine was launched in Russia. We have been a regular advertiser, and the editors of OK! have always covered our news. Every year, the ZHARA Festival in Baku holds a brunch for the magazine eagerly attended by a lot of celebrities. In terms of the information policy, we are not planning to change it. We see OK! as a strong and established media asset with big potential, especially digital. This is what we're going to focus on in the near future.'
, editor-in-chief of OK!, confirms that joining ZHARA Media Group marks a new stage in the development of the magazine: 'I'm very happy that OK! will be a part of Emin Agalarov's projects. The magazine's approach and interests fully match the character of Emin and his media business. OK! has featured Emin several times as one of the country's best musicians. I'm sure that our partnership will be harmonious and fruitful—we have a lot of new and interesting ideas and plans. I have been friends with Emin for a long time; we have excellent business, creative and personal relations. Emin Agalarov is successful in many fields, and he always gives his all, which I respect very much. OK! boasts a solid readership, and we hope it will grow further. We are planning to continue our development as a "refined magazine" and place our bets on the most prominent celebrities: famous musicians, actors and actresses of stage and screen and celebrities from the fashion and beauty industries. We are approaching a big event—the annual OK! More Than Stars Awards. By the way, Emin is an award-winner. I am sure that our partnership with ZHARA Media Group will be OK!'
ZHARA was established in 2016 by Emin Agalarov, businessman, musician and the brand's owner. ZHARA Media Group manages projects across all fields of the media market:
• ZHARA TV channel
• ZHARA FM radio station
• ZHARA Magazine
• Motion picture ZHARA (to be released in September 2019)
• ZHARA international music festival
• Music label ZHARA Music
• ZHARA MUSIC AWARDS
• ZHARA in Vegas music show
• ZHARA FIGHT SHOW martial arts competition
• Annual celebration Hot New Year
• ZHARA single-use chargers
• ZHARA LIVE concert organisation in Baku
• ZHARA energy drink