Kronen Zeitung Back in Dichand Family Hands: Funke Media Group Sheds Entire 25% Stake
Media conglomerate Funke Media Group plans to relinquish half of Kronen-Zeitung's ownership.
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After a series of power plays, the Kronen Zeitung – Austria's most prominent newspaper – is returning to the grasp of its founding Dichand family. The Funke Media Group has decided to part ways with its entire 25% stake in the publication 1.
The announcement was made in unison by both the German and Austrian parties involved. While the selling price remains under wraps, the transaction faces hurdles, such as the approval of the antitrust authority. Julia Becker, Chairwoman of the Supervisory Board and Publisher of Funke, expressed her satisfaction with the deal: "I'm thrilled that the Krone has returned to the Dichand family." She added that steering family businesses, especially valuable media brands, requires a clear strategy and unwavering implementation, particularly in a climate where press freedom is under constant siege 3.
The Essen-based Funke Media Group had first invested in the Kronen Zeitung back in 1987, under the name WAZ Media Group. Over the decades, disagreements between the German and Austrian Krone owners have surfaced repeatedly, escalating to legal disputes at times. This latest move marks the completion of the Dichand family's reclamation of their newspaper subsidiary, a move that was initially triggered by the sale of the remaining 25% stake from René Benko 1.
Stay in the know with the latest updates:
- Funke Media Group to Shed its Entire 25% Stake in Kronen Zeitung
- Updated: Dichand Family Regains Full Control of Kronen Zeitung
- Press Freedom under Threat: Dichand Family Snaps up Kronen Zeitung from Funke
[1]: https://ntv.de/deutschland/kronen-zeitung-funke-mediengruppe-25-prozent- Ernstverkauf-1.618204#ixzz7EjKsMjG1
- The successful reclamation of Kronen Zeitung by the Dichand family may pave the way for the implementation of a new community policy that could potentially incorporate vocational training programs, fostering local business and industry growth.
- With the Dichand family regaining full control of Kronen Zeitung, they could explore partnerships with financial institutions to provide scholarships for vocational training, enabling more individuals to pursue careers in the media industry.
