Ringier AG and Axel Springer AG have established a new joint media company on 1 July 2010, merging the Eastern European operations of both companies. The new company will be operating under the name Ringier Axel Springer Media AG, according to a press release published on Ringier’s website.
Ringier and Axel Springer launched the new joint venture less than four months after the announcement in this direction made in March. The new company was established on 1 July 2010 and became operational immediately.
Until now, antitrust authorities in Poland, Serbia, Slovakia, Czech Republic, Switzerland, Germany and Austria have already approved the merger.
The new company has been launched under the name of Ringier Axel Springer Media AG, that refers to the company’s roots in two strong and internationally leading European media houses. During the integration phase, the parts brought in by the two partners will be merged and the internal structures of the new company developed.
Axel Springer AG and Ringier AG had announced the creation of their joint venture on 23 March 2010. Axel Springer will bring its operations in Poland, Czech Republic and Hungary into the new company, Ringier its operations in Serbia, Slovakia, Czech Republic and Hungary.
With a turnover of roughly EUR 414 million, an EBITDA of EUR 62 million and about 4,800 employees, Ringier Axel Springer Media AG will be among the largest media companies operating in Eastern Europe.