Press release

Gruner + Jahr Goes to Greece, Acquires 50-Percent Stake in Magazine Publisher Daphne

Hamburg, 24 November 2005 – Entry Into One of Europe´s Most Dynamic Magazine Markets

Gruner + Jahr is branching out into yet another European growth market. By acquiring a 50-percent stake in Daphne Communications S.A., one of Greece´s leading magazine publishers, G+J has become the first foreign publisher to buy a share of this magnitude in a Greek publishing company. The remaining 50 percent of Daphne´s shares are owned by the Antenna Group, Greece´s largest commercial-TV corporation. Daphne Communications was established in 1995 and currently publishes eleven magazines, including the women´s titles DIVA and ASTROLOGOS, the "living" publication IKIA/DIAKOSMISI and the parenting magazine PAIDI/NEI GONIS. The Athens-based publisher has 230 employees.

The partial acquisition is subject to antitrust clearance and would take effect retroactively to Jul 1, 2005.

Michael Voss, 36, will take on the operational management at Daphne. Voss is currently the Managing Director of BÖRSE ONLINE.

Dr. Torsten-Jörn Klein, G+J Executive Board member in charge of International Magazines, said: "We are systematically continuing with the international expansion of our businesses. The Daphne deal gives us a stake in a promising magazine publisher in a market whose annual growth rate of over 10 percent makes it one of the most dynamic in Europe. I very much look forward to working with our partner, the Antenna Group. I wish Michael Voss a good start and much success in Athens. He has lastingly proven his executive abilities at BÖRSE ONLINE and will play a key part in mining Daphne´s enormous growth potential."

Alexander Adler
Director, Media Relations