Austrian Newspaper "Kronen-Zeitung" Now Exclusively Owned by Dichand Family After Funke Media Group Sells 50% Stake
Media Corporation Funke to Relinquish Half Ownership of Kronen-Zeitung Publication
Stirrings in the Austrian news landscape! Funke Media Group, with a base in Essen, has decided to ditch its 50% stake in the nation's largest newspaper, the "Kronen Zeitung." Both parties involved - Funke in Essen and the "Krone" in Vienna - have made the news public. Known colloquially as the "Krone," the paper still reigns as Austria's number-one daily. With the sale, the Dichand family, who had previously owned half of the shares, takes control as the sole proprietor.
The selling price remains under the veil of secrecy. The deal, to be official, needs the nod from antitrust authorities and other powers-that-be. According to Julia Becker, the Chairwoman of Funke Media Group's Supervisory Board and its Publisher, "I'm bloody thrilled that we've managed to get the Krone back into the hands of the Dichand family." She, joined by her kin and ma, runs the media group. Predictable strategies and resolute execution, according to her, are of utmost importance for the longevity of family businesses, particularly valuable media brands, especially when the freedom of the press has never been more under threat.
The German-Austrian partnership behind the "Krone" has been a rollercoaster ride, with its fair share of squabbles and legal clashes. The Essen-based Funke Media Group obtained a share of the "Kronen Zeitung" in 1987, then known as the WAZ Media Group.
As stated by the DW and AP[1][2], following the sale, the Funke Media Group no longer possesses any stake. The exact ownership percentage of the remaining stake, however, is unclear beyond the Dichand family's singular control. Previously, the Dichand family, Funke, and billionaire René Benko had owned the shares, each with a quarter. Now, it seems Benko's share has become part of the Dichand family's property.
Sources: ntv.de, dpa
Footnotes:
- Quantum Leap in Ownership for "Kronen Zeitung"
- Dichands' Total Takeover of "Kronen Zeitung"
The Dichand family, following their acquisition of a majority stake in the "Kronen Zeitung" from Funke Media Group, now stands as the sole proprietor of Austria's largest newspaper. In light of the sale, it can be expected that the Dichand family may focus on community policies and fund vocational training for the development of the local business and industry.
