Axel Springer Finalizes Major Acquisition of Telegraph Media Group
Details of the Axel Springer and Telegraph Media Group Deal
BERLIN, June 30 (Reuters) - German publishing group Axel Springer said it closed the acquisition of the Telegraph Media Group on Tuesday, following regulatory approvals in Britain, Ireland and Austria.
Background and Previous Investments
After buying Politico in a deal valued at around $1 billion in 2021, the Telegraph purchase is Axel Springer's second-largest investment since its founding in 1946, following an earlier failed attempt to acquire the London-based paper in 2004.
Key Statements and Reactions
Here are more details:
Telegraph Leadership Response
• "After three difficult years without owners, we look forward to stoking up the engines and setting forth on a new voyage," Telegraph editor-in-chief Chris Evans was quoted as saying in Springer's statement.
Axel Springer's Strategic Plans
• Axel Springer said it will strengthen the Telegraph Media Group's commercial and subscription businesses and expand its events and premium offerings, while preserving editorial independence and integrity.
CEO Perspective on the Acquisition
• "Axel Springer and The Telegraph share strong commitments to freedom, values, a tradition of embracing and pioneering technological change, and an entrepreneurial will to actively shape the future. This creates a strong foundation for further accelerating our AI-powered digital transformation," Axel Springer CEO Mathias Doepfner said.
Regulatory and Financial Aspects
• British culture minister Lisa Nandy said in March she would assess the £575 million ($761 million) deal under Britain's public interest and foreign state influence media mergers regime.
($1 = 0.7558 pounds)
Reporting Credits
(Reporting by Klaus Lauer and Thomas Seythal; Editing by Thomas Derpinghaus)
