Axel Springer buys German television news channel N24
Deal will bring online video content to WELT Group
The German media company Axel Springer today gobbled up N24, a television news channel. The deal will merge Axel Springer’s newspaper group WELT with the news channel, bringing video content to the newspaper group’s online properties.
“N24 and the WELT Group complement each other perfectly and together represent the multimedia spectrum of journalism. N24 benefits through this partnership from the editorial quality and digital expertise of WELT Group. Axel Springer and WELT Group gain access to the moving image and live news competence of N24,” Jan Bayer, Welt president said in the announcement.
“In the last three and a half years,” Torsten Rossmann of N24 said, “we have further developed N24 successfully, expanded our market leadership in news television and laid the foundations for a strong presence of the brand online, mobile and on outdoor screens. For the next step, and for a sustainable future, we need a strong partner that is a good fit for N24. In Axel Springer and its clear commitment to journalism and digitization, we have found that partner. I am looking forward to working with our new colleagues to shape the digital future of journalism.”
Both Bayer and Rossmann will run the new division together.