Axel Springer AG acquiring ProSiebenSat.1 Media AG

Germany’s largest newspaper publisher Axel Springer AG has announced plans to buy a majority of ProSiebenSat.1 Media AG for 2.47 billion euros. The deal would make Axel Germany’s biggest investor-owned television broadcaster. They would be picking up the stakes from an investor group led by U.S. billionaire Haim Saban who is more known for the famous Power Rangers series.

Axel Springer AG has also said that they ware planning to offer the minority shareholders about 14.10 euros a share. The company also has plans to bundle ProSiebenSat.1’s programming including the massively popular ‘Desperate Housewives’ with its Bild tabloid and magazines to win more ad revenue. The aim is to become a serious challenger for the Bertelsmann AG who owns RTL channel and Stern magazine.

Chris-Oliver Schickentanz, an analyst at Dresdner Bank spoke about this latest news event: “Springer becomes an impressive and powerful force in the German and European media market. It will be easier for them to get big advertising accounts and they also will be able to heavily promote TV series in their print publications.”