Settlement agreement relating to put option concluded




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17.09.04

Settlement agreement relating to put option concluded

To press release overview

Within the context of the insolvency scheme process of Taurus TV GmbH i. I., a settlement arrangement has been concluded between Axel Springer AG, Taurus TV GmbH i. I., KirchMedia GmbH & Co. KGaA i. I. and other parties. Under the settlement arrangement, Axel Springer AG agrees to waive its rights arising from the put option claim which is in dispute between the parties involved. In return, Axel Springer AG will retain its indirect holding in ProSiebenSat.1 Media AG of 10.2 percent, will increase this by 1.8 percent with no financial consideration, and will receive from Taurus TV GmbH i. I. a payment in the amount of EUR 60.275 million. In addition, the insolvency administrator of KirchMedia GmbH & Co. KGaA i. I. will recognise a claim in the schedule of debts in an amount of EUR 325 million in favour of Axel Springer AG. The claim will be taken into account in the further insolvency proceedings. The payment of the amounts and transfer of the holding are dependent on winding-up steps of other participants involved in the insolvency scheme and of other winding-up mandatories.


IR contact

Claudia Thomé
Claudia Thomé
Co-Head of Investor Relations
Axel-Springer-Str. 65
10888 Berlin
Tel: +49 30 2591 77421
Fax: +49 30 2591 77422