Switzerland-based media giant Ringier has acquired Axel Springer’s stake in their joint venture (JV) Ringier Axel Springer Schweiz (RASCH) for an undisclosed sum, thereby becoming the sole owner of 20 magazines and journals in Switzerland.

These publications include Beobachter, Handelszeitung, Bilanz, Cash, Tele, Schweizer Illustrierte, Landliebe, Glückspost, L’illustré and PME. They will form part of a new business unit — Ringier Media Switzerland — which will also include the Blick Group and Ringier Advertising.

“After Eastern Europe, Greece and Portugal, we are investing further in leading media brands with this transaction. Bringing together the Blick Group — a leading player in news and sports — with the established and in-depth content of the Ringier Axel Springer portfolio is a perfect strategic fit,” said Ringier AG CEO Marc Walder in a press statement.

Axel Springer’s CEO Mathias Döpfner said that selling its stake in RASCH was “a logical step” towards Axel Springer’s goal of becoming a purely digital company.

The deal, which requires the approval of the Swiss Competition Commission, is expected to be closed before the end of this year.

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