International media owner Bertelsmann is increasing its ownership of Gruner + Jahr to 100 per cent by acquiring Jahr Holding’s 25.1 per cent shareholding.
The transaction was agreed among Gruner + Jahr’s shareholders, and approved by the Bertelsmann Supervisory Board at its meeting on 6 October. Bertelsmann’s acquisition of the remaining shares in Gruner + Jahr will become effective on 1 November 2014. The purchase price is being paid in cash, and the parties have agreed not to disclose the amount.
Bertelsmann chairman and CEO Thomas Rabe said: “The full acquisition of Gruner + Jahr is a strategic milestone in strengthening our core. Gruner + Jahr has been majority-owned by Bertelsmann for decades and is an important part of our content businesses. We fully support the transformation of Gruner + Jahr initiated by the Gruner + Jahr Executive Board, and will continue to provide the necessary funds in future.”