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GERMANY’S AXEL SPRINGER GROUP UNLOADS ITS STAKE IN TB BROADCASTER

December 13th 2007 00:11

German publishing group Axel Springer will sell its stake in television broadcaster ProSiebenSat.1 in a move that ends a takeover attempt stretching back over several years.
Media Network Weblog said Europe’s biggest newspaper publisher, which owns the daily tabloid Bild and Die Welt, reported it was ceding its 12 percent stake in ProSiebenSat.1 to the broadcaster’s core shareholders, the investment funds KKR and Permira, for EUR 509 million.
The sale needs approval by the German authority KEK which oversees media consolidation. Springer said it intended to buy ProSiebenSat.1 in 2005, but the deal dragged on.


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