FRANKFURT: German media giant Bertelsmann said Monday it hopes to raise 1.4 billion euros ($1.8 billion) from the sale of 25.5 million shares in Luxembourg-based broadcasting giant RTL.
The conglomerate put the share price at 55.5 euros, toward the lower end of the estimated 54-62 euros announced in mid-April.
Bertelsmann, which currently has a stake of 92.3 percent in RTL, had said on April 4 it planned to reduce its holding to around 75 percent.
The planned sell-off would reduce its stake to 75.1 percent.
Privately held Bertelsmann has embarked on a strategy of increased digital business and international presence, but needs cash to fund its efforts to keep up with the rapidly changing media market. (AFP)
