FRANKFURT (Reuters) - German publisher Gruner+Jahr (G+J) is looking for a buyer for its stake of about 50 percent in Chinese publisher BODA, German magazine Der Spiegel reported, citing sources within the company.
G+J, publisher of titles including “Stern” and “Brigitte” and 74.9-percent owned by media conglomerate Bertelsmann BERT.UL, bought the stake in 2006, hoping to participate in China’s booming publishing industry.
At the time of the acquisition, no financial details were disclosed, including the exact size of the stake.
With about 100 million euros ($137 million) of sales, G+J ranks as the second-biggest magazine publisher in China but a cooling Chinese economy has put a damper on profits, Der Spiegel said, adding no official sales process had been started yet.
A spokesman for G+J declined to comment on Sunday.
G+J, which employs 12,000 people globally, of which half are based in Germany, in late 2012 shut down German business newspaper Financial Times Deutschland (FTD) after piling up millions of euros in losses during its 12 years of operation.
Reporting by Christoph Steitz; Editing by Anthony Barker