|
BERLIN (AP) - Bertelsmann AG, Europe's biggest media company, said Thursday it would buy back a Belgian holding company's 25.1-percent stake for 4.5 billion euros ($5.8 billion) — a move that frees it from the prospect of an initial public offering.
The company also indicated it plans to sell BMG Music Publishing, the world's third largest music publisher, to help finance the buyback and said it has had numerous inquiries about it.
Bertelsmann had raised the possibility of buying out Groupe Bruxelles Lambert earlier this week, sidestepping GBL's plan to sell the shares on the stock market. In a statement Thursday, it said the buyback would be effective July 1.
|