Axel Springer, one of Europe's largest media groups, has seen its revenue jump 4.4 percent to more than 692 million euros in the first quarter of this year. Notably, for the first time, digital activities made up more than half of the media giant's revenue and earnings - a significant milestone.
In related news, the company this morning announced that its subsidiary Axel Springer Digital Classifieds (ASDC), a joint-venture with General Atlantic (which holds 30%), has acquired Israeli classifieds portal yad2 (yad2.co.il) for approximately 165 million euros.
Yad2 was founded in Tel Aviv in 2005 and has about 100 employees today. About 10,000 property, auto and other small classifieds are said to be placed on yad2 every day.