The German media group Axel Springer now has complete control over Car&Boat Media, operator of France’s top auto site LaCentrale, according to a news release issued by Axel Springer late on Friday.

Axel Springer signed  an agreement with Spir Communication on Friday to acquire the remaining 39-percent stake of Car&Boat Media, not yet owned by Axel Springer. Car&Boat also runs such sites as new-auto site Promoneuve, AnnoncesBateau, leading French site for boats and France’s leading auto-information site Caradisiac.

Axel Springer first acquired a majority stake in Car&Boat Media for €72 million ($81 million U.S.) back in 2014. At the time, Car&Boat Media was valued at €142 million ($159 million U.S.).

Spir handed over control of its sites, because of financial difficulties at the time. It still suffered a €62-million ($70 million U.S.) loss in 2015 (we reported here).

The decision to let go of Car&Boat Media was made by Patrice Hutin (LinkedIn profile here), who was appointed in 2015 as chairman of the board of directors to turn Spir around.

According to French media, Spir has also entered negotiations to sell two other affiliates, namely printed advertising unit Regicom and digital services provider Adrexo.

Spir is currently going through restructuring, and said it aims to accelerate its digital transformation by focusing on the real estate activities of real estate site Logic-Immo, according to Le Figaro (full article here in French).

Logic-Immo’s staff recently distributed a petition against its possible takeover by Axel Springer (we reported here).

Related Articles