Signa Insolvency Administrators Approve Dichand Family’s Full Acquisition of “Kronen Zeitung”
VIENNA – Insolvency administrators for Signa Holding have given the green light for the Dichand family too acquire full ownership of Austria’s “Kronen Zeitung” newspaper, ending a complex period of shared ownership and clearing a key hurdle for the transaction announced in June. The deal remains subject to antitrust approval and other market-related conditions.
The move consolidates control of the popular daily back into the hands of the founding family, nearly six decades after Johann Hermann ”Hans” Dichand established the paper in 1959. Hans dichand, who died in 2010, remains a symbolic figure for the publication, with his portrait still displayed at the newspaper’s entrance. Previously,the Dichand family shared ownership with WAZ,and later,through WAZ,with Signa Holding and the Funke Group.
Complex Ownership History
The “Kronen Zeitung’s” ownership structure became intricate following a dispute in the 1980s between hans Dichand and Kurt Falk, an advertising specialist who subsequently sold his shares to the German WAZ publishing group. Signa Holding held a 49.5 percent stake in WAZ abroad Holding GmbH,which in turn controlled 50 percent of the ”Krone” publishing company through it’s subsidiary,NKZ Austria-Beitungs GmbH. The Funke Group owns 50.5 percent of WAZ abroad Holding GmbH.
Impact on ”Kurier” Ownership
the approval also impacts Signa’s involvement in the “Kurier” newspaper, where the group held approximately 25 percent of shares. A decision regarding the sale of these shares is pending, with Raiffeisen Bank - already holding a majority stake in the “Kurier” – previously expressing interest.