Gunter Thielen, the new chief executive of Bertelsmann, has categorically denied that the group is under pressure to sell high profile media divisions such as Channel 5 and Gruner & Jahr magazines.
While accepting that the company would exceed self-imposed debt limits for the year, Thielen claimed that Bertelsmann would reduce its arrears through consolidation rather than asset disposal.
“Neither Channel 5 nor the magazines in the US are up for the sale,” he told a German news agency. “On the contrary, we are happy with the performance of these businesses.”
Bertelsmann is believed to be some £4 billion in debt and city insiders had been speculating that Thielen would be forced to sell off unprofitable divisions to appease shareholders (see Bertelsmann May Sell Channel 5 Stake).
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