Austrian Newspaper Change Hands: Funke Media Group Sells Entire Stake in "Kronen Zeitung" to Dichand Family
Media Corporation Funke intends to transfer half of Kronen-Zeitung's ownership.
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In a surprising move, Funke Media Group has decided to sell its full stake in the Austrian daily newspaper, Kronen Zeitung, to the Dichand family. Both parties, based in Essen and Vienna, have confirmed the news. The Krone, as it is also known, is Austria's largest newspaper. This transfer of shares marks the Kronen Zeitung's return to the Dichand family's full ownership [1].
The exact sale price has not been disclosed. The transaction needs approval from antitrust authorities, among others [2]. Julia Becker, Chairwoman of the Supervisory Board and Publisher of Funke Media Group, expressed her satisfaction: "I am thrilled we've managed to return the Krone to the Dichand family," she said, emphasizing the importance of a clear strategy and consistent implementation for family businesses, particularly valuable media brands amidst increasing threats to press freedom [3].
Funke Media Group first invested in the Kronen Zeitung in 1987, under its former name WAZ Media Group. Over the years, disagreements between the German and Austrian Krone owners have arisen, even leading to legal disputes [3].
[1] New owners of Kronen Zeitung: The Dichand family, ntv.de, dpa[2] The Funke Media Group sells its stake in the Kronen Zeitung, ntv.de, dpa[3] Press freedom is under threat, says Funke Media Group Chairwoman, ntv.de, dpa
The community policy of the Kronen Zeitung may undergo changes as the industry regulation could be re-evaluated under the new ownership by the Dichand family. Given the sale, the Dichand family is expected to invest in vocational training programs for its employees to ensure a steady workforce, maintaining the business's long-term growth in the media sector.
