A PYMNTS Company

Germany: Publisher earns clearance of newspaper sell-off

By  |  December 3, 2013

Germany-based publication company Axel Springer announced Tuesday that authorities have cleared the company’s planned divestiture of its regional newspapers and magazines.

The buyer Funke Mediengruppe, will acquire the prints as well as five television magazines for about $1.25 billion. Approval for the acquisition of TV magazines, however, has not yet been granted.

Germany’s cartel office cleared the deal after a previous order to simplify the transaction; the parties reportedly responded by withdrawing their request to have the entire transaction cleared at one time, instead opting for rulings on separate bunches of titles.

The parties said they expect to hear a decision regarding the TV magazines next year.

Full Content: Reuters

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.