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Mergers & Acquisitions

Springer buys N24 television in bid to form leading German multimedia group

German publishing house Axel Springer has announced it’ll take over German television news channel N24. Springer aims to hook up N24 with its newspaper group Die Welt to form Germany’s leading multimedia news provider.

Axel Springer had acquired 100 percent of N24 media group in an effort to merge the television news channel with the Welt newspaper group, the German publishing house announced Monday.

The aim of the takeover and the subsequent merger would be to establish the leading multimedia news company for quality journalism in the German-speaking countries, Springer said in a statement.

"N24 and the Welt Group complement each other perfectly and together represent the multimedia spectrum of journalism," said Jan Bayer, President of Welt and Printing at Axel Springer.

Springer didn't disclose a purchasing price for N24, but said the television news channel would become the central provider of TV and video material for all Springer brands. The result would be one of the largest multimedia editorial teams in Germany, it added.

N24 Chairman Torsten Rossmann said in a statement that Axel Springer was a good fit for N24 as it was clearly committed to journalism and digitalization.

N24 is Germany's largest independent producer of information and employs about 300 people in the main group and several subsidiaries. It said that the transaction was still subject to regulatory approval by the German Cartel and Media offices.

uhe/kms (Reuters, AFP, dpa)