(Bloomberg) -- Axel Springer SE sold its stake in a key Swiss investment to Ringier AG, which now has sole ownership of the 20 newspapers and magazines titles of the former joint venture Ringier Axel Springer Schweiz.
The titles include Swiss newspaper Handelszeitung, magazines Bilanz and Landliebe, and websites such as cash.ch, the companies said in a statement on Wednesday. They did not specify a price. Both companies continue to run a joint venture in Poland.
“Our declared goal is to establish Axel Springer as a purely digital media company,” Axel Springer chief executive officer Mathias Doepfner was quoted as saying. “Therefore, the sale of our shares in Ringier Axel Springer Schweiz is a logical step for us.”
Berlin-based Axel Springer publishes Germany’s largest tabloid Bild and also owns Politico. Ringier publishes Switzerland’s largest tabloid Blick.
(Corrects to refer to right company in lead)
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