Press release

Gruner + Jahr And Styria Media Set Up New JV In Croatia

Hamburg, 12 July 2005 –

Gruner + Jahr and the Austrian media group Styria Medien AG plan to set up a joint venture for the Croatian magazine market via their respective subsidiaries. It would focus primarily on G+J´s internationally popular magazine brands. The new company would be a 50:50 joint venture between the partners and have its headquarters in Zagreb. The merger is pending clearance by the EU antitrust authorities. Styria Medien AG publications include the daily "Die Presse," numerous regional weekly papers and Croatia´s largest daily paper, "Vecernji List." The company operates subsidiaries in Croatia and Slovenia.

In a joint statement, Torsten-Jörn Klein, G+J Executive Board member in charge of the International Magazines Division, and Styria Medien AG CEO Horst Pirker declared: "We have known each other for years, and our two companies have an excellent and amicable relationship. Croatia is an interesting market in which we have great hopes. We therefore look forward greatly to the collaboration on our new joint venture."

Alexander Adler
Director, Media Relations
Gruner + Jahr AG & Co KG
Am Baumwall 11
20459 Hamburg
Fon: +49-40-3703-2244
Fax: +49-40-3703-5617