Germany’s competition authority, the Bundeskartellamt, has cleared Axel Springer’s acquisition of German news and documentary channel N24.
In a statement, Andreas Mundt, President of the Bundeskartellamt, said: “The takeover is unproblematic under competition law. N24 is a specialised channel with a limited range of audience and a relatively low share of the TV market.”
The news comes after German publisher Axel Springer agreed to buy 100% of N24 in December in a bid to create “the leading multimedia news company for quality journalism in the German-speaking countries.”
Axel Springer said at the time that 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.
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.