Mecom sells German newspapers
Posted by Leah McBride Mensching on January 13, 2009 at 7:08 PM
The Britain-based Mecom group is believed to have sold its German newspapers for €152 million to M. DuMont Schauberg, Amanda Andrews reported in her Telegraph.co.uk blog on Monday.
Mecom, which owns titles across Europe, is understood to be in the final phase of discussions with the buyer, based in Cologne, and an announcement is "expected soon." The sale includes the titles Berliner Zeitung and Hamburger Morgenpost.
Mecom, which owns titles across Europe, is understood to be in the final phase of discussions with the buyer, based in Cologne, and an announcement is "expected soon." The sale includes the titles Berliner Zeitung and Hamburger Morgenpost.
Profits from the sale will be used to pay down the group's £547 million (€602.18 million) in debt. Mecom's market capitalisation is at £27.8 million (€30.6 million), according to Telegraph.co.uk.
Mecom is run by the former head of Mirror Group, David Montgomery.
Mecom is run by the former head of Mirror Group, David Montgomery.
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