The news channel N24 will be acquired at 100 percent by Axel Springer SE. As reported by Axel Springer SE today, there are plans to combine N24 and the WELT Group in order to establish the leading multimedia news company for quality journalism in the German-speaking countries. At the same time, N24 shall become the central moving image provider for all Axel Springer brands.
The purchase price was not disclosed by the parties. The transaction is subject to approval by Cartel and Media Authorities. The international law firm Milbank, Tweed, Hadley & McCloy LLP legally advised the current shareholders (and concurrent Managing Directors) of N24 Media GmbH on the transaction.
The N24 Group is Germany's largest independent provider of information. Around 300 employees work for the N24 Group with its subsidiaries N24 and MAZ&More. With N24, the group operates the market leader among the German news broadcasters. N24 also produces the main news bulletins for SAT.1, ProSieben and kabel eins.
The shareholders of N24 Media GmbH were advised on the transaction by partners Dr. Norbert Rieger (corporate, Munich) (lead), Dr. Rolf Fueger (tax, Munich), Dr. Alexander Rinne (competition law, Munich), special counsel Dr. Andrea Eggenstein (corporate, Frankfurt) and associates Christina Correll, Carlo Scheiternig (both corporate, Munich) and Dr. Matthias Schell (tax, Munich).
About Milbank
Milbank, Tweed, Hadley & McCloy LLP is a leading international law firm founded in 1866 in New York City. Today Milbank has offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, New York, São Paulo, Singapore, Tokyo and Washington, DC and is present in all major financial and economic centers of the world. Milbank focuses its worldwide legal services in the areas of finance, transactions and litigation.
The first European office was opened in 1979 in London, followed by Frankfurt in 2001 and Munich in 2004. Due to the close cooperation of the German offices with the finance, corporate, cartel and tax lawyers practicing in other Milbank offices, in particular London and New York, Milbank Germany is in a position to provide fully integrated legal advice on the highest level in all these core areas pursuant to German, English and US law.
