  A new measurement of the rare decay \phi \to \eta' \gamma performed with the
CMD-2 detector at Novosibirsk is described. Of the data sample corresponding to
the integrated luminosity of 14.5 pb^{-1}, twenty one events have been selected
in the mode \eta'\to\pi^+\pi^-\eta, \eta\to\gamma\gamma. The following
branching ratio was obtained: B(\phi \to \eta' \gamma) = (8.2^{+2.1}_{-1.9} \pm
1.1) 10^{-5}.
