Springer's N24 purchase gets final approval

Jörn Krieger | 13-02-2014

German media authority Axel Springer has received the green light for its planned takeover of news channel 24 from anti-media concentration commission KEK as the authority concluded at its latest meeting that the acquisition would be in compliance with media law.

"Given the antitrust and media law approval, we are now able to establish the leading multimedia news organisation for quality journalism in the German-speaking world with the Welt group and N24. We will jointly develop a concept for this cooperation over the next few weeks," said Jan Bayer, executive board member of Axel Springer and chairman of the management board of the new group.

Axel Springer announced the acquisition of N24 on 9 December 2013. The federal cartel office approved the transaction on 7 February 2014.

KEK also granted green light to publishing house Motor Presse Stuttgart for its planned takeover of the majority stake in pay-TV channel auto motor und sport channel and gave its consent to the launch of the new thematic channels Nat Geo People and TLC in Germany.