BERLIN, July 27 Publisher Axel Springer has sold a set of French magazines after disposing of some of Germany's best-known titles earlier this week, magazine New Business reported on Saturday, citing a company spokesman.
Axel Springer sold French publisher PGP, which hosts a range of female, cooking and TV magazines, to Reworld Media, based in Paris and Barcelona, New Business said on its website.
No-one at Axel Springer could immediately be reached for comment.
With print readerships generally in decline, media groups are increasingly moving online for growth. Britain's Daily Mail and General Trust said on July 25 that while revenue from advertising in its newspapers fell 7 percent in the third quarter, they soared 41 percent at the papers' companion websites.
Axel Springer, the top newspaper publisher in Europe's biggest print media market, announced the same day it was selling regional newspapers Berliner Morgenpost and Hamburger Abendblatt, five TV programme guides and two women's magazines, jointly accounting for about 15 percent of group revenue, to Germany's Funke Mediengruppe. (Reporting by Andreas Cremer; Editing by David Holmes)