Funke Mediengruppe acquires regional newspapers and parts of the magazine portfolio from Axel Springer

Funke Mediengruppe has reached an agreement with Axel Springer to acquire its regional newspapers as well as its TV programme guides and women’s magazines.

Axel Springer and Funke Mediengruppe have further agreed to establish joint ventures for the marketing and distribution of print and digital media and so to merge their activities, their resources and their know-how in these areas. In both joint venture companies, Axel Springer will have the entrepreneurial leadership and a majority interest.

Today, Axel Springer and Funke Mediengruppe have entered into a respective binding preliminary agreement in this respect. The envisaged transaction is planned to be implemented with economic effect as of 1 January 2014. In the fiscal year 2012, the regional newspaper groups as well as the TV programme guides and women’s magazines contributed €94.8m to the EBITDA of Axel Springer Group and €512.4m to its revenues. The purchase price amounts to €920m.

Read the rest of this story at Axel Springer.

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