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Funke Mediengruppe to acquire part of Axel Springer portfolio


Source: Axel Springer
29 Jul 2013 − 

German media giant Axel Springer will part with some of its titles, including its regional newspapers and several magazines. The publisher signed an agreement with Funke Mediengruppe.

Funke Mediagruppe has come to an agreement with Axel Springer AG on taking over its regional newspapers as well as its television and women’s magazines. As such, the regional newspapers Berliner Morgenpost and Hamburger Abendblatt, the ad newspapers in Berlin and Hamburg plus the five television and women’s magazines by Axel Springer (Hörzu, TV Digital, Funk Uhr, Bildwoche, TV Neu, Bild der Frau, Frau von heute) and their digital counterparts will be appearing as Funke Mediengruppe publications in future, augmenting their existing portfolio of regional newspapers, ad newspapers, and magazines. The purchase price is €920m.

The regional newspaper groups and the television and women’s magazines contributed €94.8m to the Axel Springer group’s EBITDA and €512.4m to its sales revenue in the business year 2012.

Axel Springer and Funke, formerly the WAZ group, have also agreed to found joint ventures for marketing and distributing printed and digital media products and thereby pool their activities, resources, and expertise in this sector. Axel Springer will be in the corporate management of both companies and hold the majority. Axel Springer and Funke Mediengruppe say they concluded an appropriate legally binding preliminary agreement on 25 July. Implementation of the intended measures is scheduled to take economic effect on 1 January 2014.

The transaction is still subject to approval from the appropriate competition authorities, which is not expected to be given before the end of this year.

 

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