July 25, 2013 / 7:46 AM / 6 years ago

Axel Springer sells newspapers, magazines for $1.2 billion

FRANKFURT, July 25 (Reuters) - German publisher Axel Springer said it agreed to sell its regional newspapers as well as its TV program guides and women’s magazines to German group Funke Mediengruppe for 920 million euros ($1.22 billion).

Axel Springer said it signed a legally binding preliminary agreement on the deal with Funke Mediengruppe on Thursday.

As soon as Funke has agreed the necessary financing, the two companies will enter into final contracts in the European autumn, Axel Springer said.

$1 = 0.7555 euros Reporting by Maria Sheahan

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