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KIRCH VERGES ON 100 PERCENT OF SAT 1 TV CHANNEL

News, 27 June 2000


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