29th July 2015 15:49 Clock

The rumors of a merger between ProSiebenSat.1 and Axel Springer are off the table.

The rumors of a merger between ProSiebenSat.1 and Axel Springer are off the table. | © Michaela Rehle / Reuters

The media groups Axel Springer and ProSiebenSat.1 not want to merge. About a cooperation for the promotion of digital start-ups, no further cooperation was planned, said a spokesman for ProSiebenSat.1. Also, a Springer spokeswoman denied the project.

Digital business ideas and start-ups want the two companies in the future but jointly promote. For this purpose, about joint investments in companies and funds and a network of support programs are planned.

Axel Springer is Europe’s largest media company, the broadcasting group ProSiebenSat.1 in turn among the private channels the highest market share. The estimated fair value of both companies would have amounted to a total of around 14.4 billion euros.

The companies have already in 2005 held talks about a takeover. At that time, Springer ProSiebenSat.1 wanted to take for five billion euros. However, the Cartel Office and the Commission on Concentration in the Media (KEK) rejected the merger. Last year, the Federal Administrative Court had declared the refusal of CEC for not lawful and thus ten years after the judgment opens up new negotiations on a takeover.