Hengeler Mueller advises Axel Springer on sale of regional newspapers as well as TV program guides and women’s magazines to FUNKE MEDIENGRUPPE
06. May 2014
At the end of April, the sale of Axel Springer SE’s regional newspapers as well as TV program guides and women’s magazines to FUNKE MEDIENGRUPPE (FMG) was completed. Previously, the Federal Cartel Office had granted approval for the transfer of program guides subject to certain conditions. To comply with these conditions, FMG has sold a number of its own program guides and some of the program guides acquired from Axel Springer to Klambt Mediengruppe.
In July 2013, Axel Springer had entered into an agreement with FMG to sell its regional newspapers Berliner Morgenpost and Hamburger Abendblatt as well as its TV program guides and women’s magazines to FMG for EUR 920 m and to create joint ventures for distribution and marketing. Since 1 May 2014, Axel Springer and FMG are co-operating in the fields of marketing and distribution on the basis of mutual service agreements. The creation of joint ventures in these areas will require the approval by the relevant merger control and antitrust authorities, which will shortly be applied for.
Hengeler Mueller has comprehensively advised Axel Springer on this transaction. Following the closing of the preliminary contract in July 2013, the Hengeler Mueller team was led by partners Christof Jäckle and Karsten Schmidt-Hern (both M&A) and included partners Nicolas Böhm, Jens Wenzel (both Cooperations) and Carsten Schapmann (Spin-off) as well as associates Vera Jungkind (Public Law), Annika Clauss, Robert Kilian (both M&A), Anika Gilberg and Thomas Meyer (both Spin-off). Until the closing of the preliminary contract, the Hengeler Mueller team was led by partners Andreas Austmann, Carsten Schapmann and Nicolas Böhm (all M&A/Corporate).