Gruner Jahr is acquiring the Würzburg-based Vogel media group's shares (45.7 percent) in Vereinigte Motor-Verlage (VMV), Stuttgart, effective January 1, 2005. G+J currently owns 17.1 percent of VMV.
At the same time, the VMV will be merged under company law with Motor-Presse Verlag (MPV), into a company to be known as Motor-Presse Stuttgart (MPS). Thus, G+J will be the majority owner of the future Motor-Presse Stuttgart (MPS), with 54.9 percent of shares. The Pietsch group will increase its stake in Motor-Presse Stuttgart (MPS), which already does business as a single company, to 25.1 percent, while the Dietrich-Troeltsch groups will together own 20 percent. The contracts will be signed this week.
The acquisition of shares from the Vogel media group and all other changes to the ownership structures are subject to antitrust approval. In any case, the Motor-Presse Stuttgart will continue to be managed as a separate company at its Stuttgart headquarters. Dr. Friedrich Wehrle will remain in place as the company's CEO.
Both publishers' magazines are characterized by quality journalism and journalistic independence. In Germany, the magazines published by Motor-Presse Stuttgart - e.g. "auto motor and sport", "Motorrad", "Men's Health" and "connect" - round out the G+J portfolio by adding car and men's magazines, fields in which G+J is not yet active. Motor-Presse Stuttgart leads the market in car, motorcycle, telecommunications and sports/recreation magazines. The two publishers have already collaborated successfully for several years in the area of magazine distribution.
By taking over the majority of Motor-Presse Stuttgart, G+J strengthens its position in the German ads and distribution market and improves its market opportunities in a number of countries. For instance, by joining with Motor-Presse International (MPI), G+J takes the market leadership in Spain and moves up a slot or two in the ranking of major publishers (by total revenue) in both France and Poland. |
