Mecom sells German titles for €152m to repay debt
LONDON - David Montgomery's European newspaper group Mecom has sold its German titles, including Berliner Zeitung, to the privately-owned German publisher M DuMont Schauberg for €152m (£137m) in cash.
The sale will help Mecom, which is chaired by former Mirror Group boss Montgomery, to repay some of its net debt, which has reportedly hit about €650m.
Its key German titles also include the Berliner Kurier and Hamburger Morgenpost.
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The firm also operates 10 websites in Germany, including Netzeitung.de.
Mecom, which has businesses in the Netherlands, Denmark, Norway, and Poland, said the sale would allow it to focus on its core assets.
Shares in Mecom at 8.34am were up 37% at 2.74p.
Cologne-based DuMont Schauberg is Germany's fourth-largest newspaper publisher. It owns the Koelner Stadt-Anzeiger and Express.
Berliner Zeitung: sold to M DuMont Schauberg
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