Bertelsmann has acquired full ownership of magazine and digital content publisher Gruner + Jahr in what is being described as a “strategic milestone in strengthening” the firm’s core.
The international media company, which also owns majority shares in Penguin Random House, has acquired Jahr Holding’s 25.1% share in Gruner + Jahr, which will become effective on 1st November.
The purchase price is not being disclosed.
Bertelsmann chairman and c.e.o. Thomas Rabe said: “The full acquisition of Gruner + Jahr is a strategic milestone in strengthening our core. Gruner + Jahr has been majority-owned by Bertelsmann for decades and is an important part of our content businesses.”
Bertelsmann said the full acquisition of Gruner + Jahr “represents another milestone in strengthening its creative content businesses”, which also include television and radio company RTL Group, and music company BMG.
Rabe said the full acquisition of Gruner + Jahr show a ”clear commitment to journalism”.
“Bertelsmann is the company with the most diverse range of media content in the world,” he continued. “Gruner + Jahr will play an even more important role here.”