Union DJV demands clarity from Springer regarding possible splits
The German Journalists' Association calls on the Axel Springer Corporation to provide clarity regarding potential separation plans. "Both employees and the public have a right to clarity," declared DJV federal chairman Mika Beuster. "We are not dealing with a backyard tinkerer here, but with Germany's largest media conglomerate."
The union reacts to reports of negotiations between Axel Springer and its US shareholder KKR over the separation of the so-called Classifieds business, which includes the job platform Stepstone and digital real estate listings (Aviv). According to the "Financial Times", KKR and the Canadian investor CPPIB would take over the classifieds business.
Springer CEO and major shareholder Mathias Döpfner, as well as Friede Springer, the publisher's widow, would reportedly take control of the media business, which besides the newspapers "Bild" and "Welt" also includes US media Politico and Business Insider. Springer and KKR have not commented on this.
A separation of the digital advertising platforms is not fundamentally critical for the DJV chairman. "If that leads to a stronger focus of the company on its media, that's not something to condemn," Beuster said. However, if it involves journalistic media in the negotiations with KKR, "that would be a red line that should not be crossed."
KKR entered Axel Springer in 2019 and took the media conglomerate off the stock exchange in 2020 after 35 years. It is now an open secret in the industry that the US investment firm is exploring ways, after five years, for an exit. KKR currently holds 35.6% of Springer, CPPIB 12.9%.
- The DJV is advocating for the Axel Springer Corporation, specifically Mathias Döpfner and Friede Springer, to provide clear details about their potential plans for splitting the Classifieds business.
- In response to reports of negotiations between Axel Springer and KKR regarding the separation of the Classifieds business, the DJV's chairman emphasized that everyone has a right to clarity in such matters.
- The Trade Union chairman expressed that while the separation of digital advertising platforms is not inherently problematic, any negotiations involving journalistic media should not cross the line of jeopardizing the rights of these media.
