German publisher Axel Springer dropped its plan (see previous posting) to acquire broadcaster ProSiebenSat.1 for 4.2 billion euros. Springer, publisher of Europe's best selling newspaper, the tabloid Bild, announced today that it reached a mutual agreement with the investor group lead by Saban Capital Group to terminate the deal, writes Forbes. The German cartel office had rejected the deal on January 23th (see previous posting), saying the takeover would give Springer a "dominating influence" on Germany's public opinion.
The German Cartel Office (Bundeskartellamt) announced on Friday that based on its current analysis it would not clear Springer's takeover of ProSieben. The German publisher Axel Springer AG had announced plans to buy ProSiebenSat1 Media AG, a big German broadcaster, in August (see former postings here and here).
Axel Springer, the biggest German newspaper publisher with papers like Welt and Bild, buys German broadcaster ProSiebenSat. 1 Media for 2.5 billion Euro. Springer is taking full control of the broadcaster and will become the second biggest media group in Germany, as Reuters reports. Bertelsmann, the biggest group, already owns publisher Gruner+Jahr and broadcaster RTL Group reports Sueddeutsche.de (in German). According to Netzeitung (in German) the new group will be the first listed German media group.
