New media giant in creation - Ringier and Axel Springer formed joint venture for SEE operations

Ringier and Axel Springer, two of Europe’s leading family-controlled media groups, on Wednesday announced a joint venture of their big central and eastern European operations. Ringier will put its operations in Serbia, Slovakia, Hungary and the Czech Republic into the new venture, while Springer will contribute its subsidiaries in Poland, Hungary and the Czech Republic.

Ringier said the combined operation, comprising some 4,800 employees, would be the “clear market leader” in tabloid newspapers and magazines in the region, with reported pro forma sales of €414m and operating profits of €62m for last year.

The two companies said their aim was to take the joint venture public in the next three to five years.

- This partnership is an excellent opportunity to considerably increase our journalistic core business and it establishes optimal condition for future expansion in the era of digitalisation,” said Mathias Döpfner, Springer’s chief executive.

The joint venture based in Zurich will be run by Florian Fels who is currently the Ringier's CEO for Central Europe.