Bertelsmann sells its stake in AOL Europe for $8.5bn

NEWS In a much anticipated move, German media giant Bertelsmann said Friday it will sell its 50 per cent stake in AOL Europe to its partner in the venture, AOL. The ISP and portal site has been looking to take full control of its European operations for the last few months. The $8.5bn deal also includes Bertelsmann's 50 per cent stake in AOL Australia. In return the media company will provide content for AOL's sites for the next four years, including music, books and magazine publications. The German company said it will plough the proceeds of the sale back into its expanding ecommerce activities. Thomas Middelhoff, Bertelsmann's chairman and CEO, said in a statement: "By forging this new global strategic alliance, Bertelsmann will have the largest worldwide distribution of any ecommerce company."