April 4, 2013 / 6:26 AM / in 5 years

UPDATE 1-Bertelsmann confirms plan to cut stake in RTL

* Will keep at least 75 percent

* Selling shares in secondary placement

* Stock to trade before the summer break

FRANKFURT, April 4 (Reuters) - German media conglomerate Bertelsmann announced plans on Thursday to sell a stake in broadcaster RTL Group worth as much as 1.5 billion euros ($1.93 billion).

Bertelsmann will cut its stake in the broadcaster to as little as 75 percent from 92.3 percent in a secondary placement, the company said, confirming a Reuters report last month.

The company is looking for money to fund growth ambitions and an overhaul of its business to catch up with fast-changing markets.

The RTL shares are likely to be offered to private and institutional investors in a public offering and to trade on the Frankfurt, Luxembourg and Euronext exchanges before the European summer break, Bertelsmann said.

Bertelsmann said in September it planned major acquisitions and strategic partnerships to accelerate growth as it tries to become more international.

It aims to expand into digital content and emerging markets to complement an ailing print publishing business, where it is planning a merger with Pearson’s book publisher Penguin.

Bertelsmann also bought out its partner, private equity group KKR & Co. LP, in music rights company BMG.

Sources familiar with the matter told Reuters last month that Deutsche Bank, Morgan Stanley, Goldman Sachs, Bank of America, Citigroup and Credit Suisse were running the sale of the stake in RTL.

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