Austria's "Kronen-Zeitung," Now Exclusively Owned by Dichand Family After Funke Media Group's Sale
Media conglomerate Funke Media Group to transfer 50% ownership of Kronen-Zeitung.
Looks like the Dichand family are the new proud owners of Austria's largest newspaper, the "Kronen Zeitung," following Funke Media Group's decision to sell its 50% stake. Both parties, Funke Media Group from Essen and the "Krone" from Vienna, confirmed the news. Known colloquially as the "Krone," it's no secret that this paper dominates Austria's newspaper landscape.
The exact sale price isn't being shared just yet. The deal requires approval from the competition authority, and other necessities before it goes through. Funke Media Group's supervisory board chair and publisher, Julia Becker, appeared thrilled that they were able to return the "Krone" to the Dichand family. She, along with her family, control Funke Media Group. Becker stressed the significance of a solid strategy and consistent execution in family-owned businesses, especially for valuable media brands in a time when press freedom is under more threat than ever.
Funke Media Group originally acquired its stake in the "Kronen Zeitung" back in 1987, when it was still known as the WAZ Media Group. Over the years, there's been an occasional tug-of-war between German and Austrian "Krone" owners, even leading to some legal dust-ups.
In case you're curious, here's the lowdown on the "Kronen-Zeitung" and its fascinating history. And for more on the Funke Media Group, check out this nitty-gritty analysis.
Source: ntv.de, dpa
In light of the Dichand family's acquisition of Austria's "Kronen Zeitung," there may be scope for implementing community policies that support vocational training within the industry, given the local nature of the newspaper business. As the deal awaits competition authority approval, it is crucial for the new owners to consider strategic financial plans, ensuring the continued success and sustainability of this valuable media brand in an era where press freedom faces significant threats.
