German publishing giant Axel Springer said on Thursday it would sell regional newspapers, TV programme guides and women’s magazines for 920 million euros ($1.2 billion) to Funke Mediengruppe, to focus on digital media.
The sale, which includes the Berliner Morgenpost and Hamburger Abendblatt dailies, is subject to approval under merger and antitrust law and set to take effect on January 1, 2014, both companies said in a statement.
Axel Springer, publisher of Europe’s top selling daily Bild, said it would follow its “stringent digitisation strategy” as it “aims at becoming the leading digital media group”, focusing on its core brands Bild and Welt and expanding online classifieds.
Funke — formerly the WAZ Mediengruppe, which publishes regional newspapers, advertising papers and magazines — will take over the magazines Hoerzu, TV Digital, Funk Uhr, Bildwoche, TV Neu, Bild der Frau and Frau von Heute.
The two companies said they had “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”.
“The decision to divest some of our brands with the longest tradition in our company was not easy,” said Mathias Doepfner, chief executive of Axel Springer.
“However, we are sure that the grouping under the Funke Mediengruppe, which aims at focusing on regional print- and online-journalism and on magazines, provides the best long-term perspective for the brands and for the staff.”
Germany's Axel Springer sells papers for 920 mn euros
