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Bertelsmann considering reducing RTL stake

The Associated Press, Thursday, January 31, 2013, 10:07am (PST)

BERLIN (AP) — German media group Bertelsmann says it is considering reducing its stake in its European television business, RTL Group, but will retain a majority share.

Bertelsmann currently holds 92.3 percent of the voting rights in RTL. It said in a statement Thursday that it's considering selling part of that stake and using the proceeds to finance "new strategic growth businesses."

The company said that it would keep a stake of about 75 percent. CEO Thomas Rabe said that "RTL Group is and will remain a successful core business."

Bertelsmann, which is privately-held, also owns book publisher Random House and magazine publisher Gruner + Jahr.

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