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The Guardian - UK
The Guardian - UK
Business
Roy Greenslade

Axel Springer turns off TV switch

German newspaper publisher Axel Springer has abandoned plans to enter television and instead pocketed €509m (£366m) for its 12% stake in ProSiebenSat1 from private equity firms that control Europe's second-largest broadcaster. The move comes only days after the Berlin-based company signalled it could close its German postal services group PIN, and write down €600m (£432m), as another attempt to diversify away from print appears to have foundered. Both moves cast a pall on the record of Mathias Döpfner, Springer's chief executive. (Via FT.com)

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