German publisher Axel Springer has bought 100% of domestic TV news channel N24 in a bid to create “the leading multimedia news company for quality journalism in the German-speaking countries.”
Axel Springer said it plans to combine N24 Media with the Welt Group, its division responsible for German newspaper Die Welt and its associated digital assets, with N24 due to become “the central moving image provider” for all Axel Springer brands.
The Welt Group’s editorial team will now also include the N24 digital editorial team. Combined they will produce both brands’ digital content, as well as the Welt Group’s print products. N24’s TV and program team will also produce TV formats and video for the digital assets.
“The result is one of the largest multimedia editorial teams in Germany,” said Axel Springer. Independent news producer N24 Media makes the main news bulletins for Sat.1, ProSieben and Kabel Eins and employs some 300 people.
The purchase price was not disclosed and the deal is subject to approval by Germany’s cartel and media offices.