Axel Springer Sheds Oldest Print Titles in $1.2 Billion Deal

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By: Maria Sheahan | Reuters

FRANKFURT, July 25 (Reuters) – Publisher Axel Springer struck a 920 million euro ($1.22 billion) deal to sell some of Germany’s best-known newspapers and magazines, severing its oldest roots in order to intensify its focus on digital media.

The company said on Thursday it was selling regional newspapers Berliner Morgenpost and Hamburger Abendblatt, five TV program guides and two women’s magazines, jointly accounting for about 15 percent of group revenues, to Germany’s Funke Mediengruppe.

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