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Hamburg (pte028/17.03.2003/13:30) - Hamburg publisher and Milchstrasse group founder Dirk Manthey has sold many of his shares in the Milchstrasse publishing group http://milchstrasse.de to the benefit of the group's other shareholders.
As reported by Handelsblatt today, Burda publishers in Munich http://www.hubert-burda-media.com and the Italian Rizzoli group http://www.rcs.it have purchased all of Manthey's shares in the group's television magazine "TV Spielfilm", film magazine "Cinema" and women's magazine "Amica".
Manthey has also reduced his shares in the lifestyle illustrated "Max" and the Internet magazine "Tomorrow" to 25 per cent each (down from 50 and 51 per cent respectively). The publishing group will continue to operate on an autonomous basis.
"As soon as the economy has stabilized, I will enjoy bringing new Milchstrasse shares onto the market," said Manthey (48), as quoted in Handelsblatt.
Poor advertising revenues forced lifestyle magazine Max to cut back from two issues to one a month last October. Manthey expects 2003 will be another "hard year". According to Handelsblatt, the Milchstrasse group achieved a turnover of 189m euros in 2002, compared to 223m euros the year before.
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