Mergers and Acquistions News
Categories: Media & Information Services
January 15th 2009, 16:09PM
M DuMont Schauberg has agreed a deal which will see it acquire the German operations of European media group Mecom for €152 million (£137 million).
Under the terms of the transaction, Mecom will divest its three German newspapers and ten websites.
According to the firm, its internet presence in the country achieves more than three million unique hits each month.
David Montgomery, executive chairman of Mecom, explained that the deal is part of the group's efforts to reduce debts, strengthen its balance sheet and focus on its core businesses.
"The board is confident that the strategy of reducing debt and focusing on our core assets greatly improves the position and prospects of the group," he said.
M DuMont Schauberg is based in Cologne and already controls a number of German newspapers.
Meanwhile, Scottish web start-up form Hubdub is to receive £810,000 in backing from Pentech Ventures and Scottish Enterprise's Co-Investment fund to help it in its expansion plans.
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