Berlin (dpa) – German media giant Axel Springer will delist from the stock market on April 6, a month earlier than initially planned, the company said on Wednesday.
After 35 years on the stock market, the Frankfurt Stock Exchange had granted the company’s application to withdraw its listing, Axel Springer said in a statement.
The delisting will become effective as of April 6, from which time the company’s shares will no longer be tradeable on the exchange.
“The farewell to the stock exchange heralds a new phase of growth for us,” said Springer CEO Mathias Doepfner in the statement.
“As soon as the situation has normalized after the corona[virus] crisis, we will put our entire focus on our ambitious goal of becoming the global market leader in digital journalism and classifieds,” he added.
Axel Springer, whose media outlets include the German tabloid Bild, the daily Die Welt and the Welt television station, is in the midst of shifting its focus to digital media, together with US financial investor Kohlberg Kravis Roberts (KKR.)
KKR’s buyout offer to shareholders ran out on March 20.
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