Ringier Axel Springer Buys Into Poland’s Onet

WARSAW: Ringier Axel Springer is purchasing a 75-percent stake in the Polish online portal Onet.pl from TVN for 956.3 million zlotys ($270.9 million).

Onet.pl is Poland’s leading online portal, reaching about 70 percent of the country’s Internet users. Under the terms of the agreement, Ringier Axel Springer Media will establish a separate holding company in Poland that will have 100 percent of Onet’s shares; TVN will hold a 25-percent stake in that company.

Florian Fels, CEO of Ringier Axel Springer Media, said: "The acquisition of Onet.pl is a milestone for our fledgling company, and Onet.pl is an optimal addition to our online portfolio. At the same time, after only two years, we have taken a major step towards achieving one of our most important goals: the expansion of our strong market position through investments in successful digital business models. Alongside each of its leading tabloid newspapers, in future Ringier Axel Springer Media will be running the clear market leader in three of four countries, in the area of digital media."