BERLIN — Bertelsmann AG will dilute its 50% share in CLT-Ufa, Europe’s largest TV and radio house, in a deal bringing in German newspaper group Westdeutsche Allgemeine Zeitung (WAZ), it was confirmed Tuesday.
The Bertelsmann Film und Fernsehen Verwaltungs GmbH, through which Bertelsmann currently holds its 50% share in CLT-Ufa, will be renamed the BW TV und Film Verwaltung GmbH (BW TV).
In the new holding company WAZ will take a 20% share, with Bertelsmann retaining the remaining 80%. In effect this will give WAZ an overall share of 10% in CLT-Ufa.
WAZ will bring a dowry of both cash and TV interests to the new company (BW TV), of most significance being its 11% share in top-rated German web RTL. Further financial details were not disclosed.