Telecoms titan Deutsche Telekom has forged an agreement with German-headquartered media giant Axel Springer Verlag, publisher of the Bild daily newspaper, to set up an online joint venture.

Although details of the new project are sketchy, Deutsche Telekom’s internet unit T-Online International – Europe’s largest ISP – has been searching for partners for some time to help bolster its content.

The venture, in which Springer and T-Online will hold stakes of 63% and 37% respectively, is the first fruit of a broader web partnership between the publisher and Deutsche Telekom. Commented the telecoms company’s chief executive Ron Sommer: “This is the first building block for further potential projects for both companies.”

News Source: Handelsblatt (Germany)