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Germany: Concessions in $1.27B media deal accepted

 |  March 31, 2014

Following their $1.27 billion merger last year, Axel Springer and Funke Mediengruppe can now finally close the transaction as the media groups’ concessions have been accepted by regulators.

Germany’s Federal Cartel Office had been probing the deal, which saw Funke’s acquisition of TV program guides, since the merger was struck. The deal was separated into separate assets as regulators approved of only part of the deal, which also included Springer’s sale of magazines and newspapers.

But regulators had been eyeing the part of the transaction involving TV program guides. On Monday, officials announced concessions offered by the companies to complete that part of the merger are sufficient to remedy competition concerns.

Full Content: Reuters

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