Press release

Gruner + Jahr Sells Back JV Shares to Greek Partner

Hamburg, 31 July 2007 –

G+J International is selling its shares in the Greek magazine joint venture G+J/Daphne to its JV partner Antenna Group with effect from Jul 31, 2007. The disposal comes at the request of the Antenna Group, which will continue to manage Daphne on its own. Both sides have agreed to keep the purchase price confidential. The Greek edition of GEO, which made its debut in May 2006, will continue to be published under license by Daphne.

G+J had bought a 50-percent stake in the Greek magazine publisher Daphne Communications effective July 2005. The transaction is subject to approval by the supervisory bodies.

Alexander Adler
Vice President, Media Relations
Fon: +49-40-3703-3810