German publishing house Axel Springer is buying the N24 news channel from N24 Media GmbH.
Springer plans to bring the 24-hour news channel together with its Welt group, which comprises the newspapers Die Welt and Die Welt Kompakt as well as an online news portal.
The two parties did not disclose financial details of the transaction, which is still subject to approval from the German authorities.
N24 will also become the central provider of video material for all Springer multi media brands.
Stefan Aust, currently a shareholder in N24 Media GmbH with others, will become publisher of the Die Welt group on January 1, 2014
N24 was previously owned and operated by ProSiebenSat.1 Media and still supplies regular news updates to ProSiebenSat.1 Media channels such as Kabel eins, Sat.1 and ProSieben.
