June 1 (SeeNews) - Ringier Axel Springer, a joint venture of German publishing house Axel Springer and Swiss media company Ringier, has announced the signing of an agreement for the sale of Serbian national daily ALO! and its online edition alo.rs to Belgrade-based Dnevne Novine ALO.
Ringier Axel Springer Serbia will focus on its multimedia journalistic core brand Blic as well as on the expansion of its online classifieds and digital marketing platforms from now on, the company said in a statement on Wednesday.
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No financial details of the transaction were revealed.
“[...] We will focus on our core brand Blic as well as on investing in new digital concepts such as noizz.rs,” the general manager of Ringier Axel Springer Serbia, Jelena Drakulic, said in the statement.
The transaction is subject to merger control approval by the competent authorities, Ringier Axel Springer added.
Ringier Axel Springer opened a printing house in Serbia's capital Belgrade in September 2013 after investing 9 million euro ($10.1 million) in its construction.