German media giant Axel Springer Verlag, publisher of the mass-circulation daily tabloid Bild, is today expected to announce the sale of its 41% holding in German TV channel SAT 1 to Bavarian-based media tycoon Leo Kirch – who already holds a controlling 59% stake.
The cash consideration is expected to be DM1.6 billion ($766m or 818m).
The move will mark Springer’s virtual exit from owning and operating television channels, leaving it free to concentrate on TV production, a sector in which it already claims to be number three in Germany. It is also expected to accelerate its online activities.
News source: Wall Street Journal