Hamburg, 23 November 2009 –
As part of the strategic realignment of its international activities, Gruner + Jahr has sold its Russian operations to Axel Springer AG.
The takeover of G+J Russia (OOO G+J Magazines) will become effective on December, 1 2009. The magazines GEO, GEOLenok, GEOTraveller and GALA Biografia and the www.geo.ru, www.moiroditeli.ru and www.moizvezdi.ru websites will be continued by Axel Springer Russia, a wholly owned subsidiary of Axel Springer, under license.
Dr. Torsten-Jörn Klein, a member of the G+J executive board and President of G+J International, commented: "We will continue to systematically apply ourselves to those international markets where we already command an outstanding position or have hopes of attaining such a position. In Russia, Gruner+Jahr would have managed to do so only through a disproportionate number of expensive acquisitions. For this reason we are withdrawing from the Russian market. In Axel Springer, we have found a;nbsp;partner who will successfully maintain our brands in Russia going forward."
Ralph Büchi, President Axel Springer International, said: "G+J Russia's print and online offerings enhance Axel Springer Russia's focus on the premium segment by adding excellent, established media brands such as GEO, GALA Biografia and the Russian ;lsquo;Eltern' website. This expansion of our portfolio safeguards the long-term future success of our Russian subsidiary and is an important step on our strategic path of internationalization and digitization."
The sale is subject to approval by the Russian antitrust authorities.
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