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Axel Springer AG Sells Berliner Morgenpost and Hamburger Abendblatt to Funke Mediengruppe GmbH & Co. KGaA; Establishes Joint Venture with Funke Mediengruppe GmbH & Co. KGaA


Thursday, 25 Jul 2013 03:35am EDT 

Axel Springer AG announced that it has agreed with Funke Mediengruppe GmbH & Co. KGaA to sell its regional newspaper groups Berliner Morgenpost and Hamburger Abendblatt as well as its TV program guides and women's magazines to Funke Mediengruppe GmbH & Co. KGaA. In this regard, Axel Springer AG and Funke Mediengruppe GmbH & Co. KGaA have further agreed to establish joint ventures for the distribution and marketing of print and digital media offerings. Axel Springer AG and Funke Mediengruppe GmbH & Co. KGaA have concluded a legally binding preliminary agreement in this regard. As soon as Funke Mediengruppe GmbH & Co. KGaA will have agreed the necessary financing, Axel Springer AG and Funke Mediengruppe GmbH & Co. KGaA will enter into final contracts in autumn 2013 to implement the transaction. The transaction is subject to approval by the competent authorities under merger control and antitrust law, which is not expected to be obtained before the end of 2013. The regional newspapers and magazines will be sold with economic effect as of 1 January 2014. The purchase price is EUR 920 million in total on a cash and debt free basis. Of this amount, EUR 660 million will become due for payment to Axel Springer AG at the closing of the transaction, but at the latest on 30 June 2014. Regarding the remaining purchase price, Axel Springer AG will grant Funke Mediengruppe GmbH & Co. KGaA a vendor loan with a term of several years. 

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50.03
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23 Dec 2014