Eleven years after establishing the joint venture primarily in print, Axel Springer and Ringier have decided to split in Hungary, Serbia, Slovakia, Estonia, Latvia and Lithuania.

Swiss-headquartered Ringier will acquire Axel Springer’s shares in those countries, while continuing to work together and grow in Poland.

In a statement today, Axel Springer it will focus on major strategic core markets.

Ringier AG is expanding its activities in Eastern Europe, holding 100 per cent of the shares, except in Slovakia, where it remains a minority shareholder.

Axel Springer’s focus on digital business is on the news media segment in Germany, the US and Poland.

The 2010 Ringier Axel Springer Media joint venture has resulted in one of the largest and most modern media companies in Central and Eastern Europe, with some 3100 employees and more than 200 digital and print products. In the first half of 2021, digital activities accounted for approximately 85 per cent of adjusted EBITDA.

Ringier says it is continuing its transformation into an international and diversified media company. Chief executive Marc Walder says the acquisition of the Axel Springer shares in Hungary, Serbia, Slovakia and the Baltic states is an important milestone. “This transaction is an acknowledgement of our long-term commitment to being a modern media investor in Eastern Europe.

“The portfolio in these countries suits us ideally and will further strengthen the Ringier ecosystem. In addition, Serbia, Slovakia and Hungary serve as a good basis for expanding our digital sports media strategy. I am pleased that we will be able to further advance our media and digital marketplaces in Poland with Axel Springer. We will work together to continue to make investments in this large and exciting market.“