Springer to exit Hamburg1 | News | Rapid TV News
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German media house Axel Springer wants to leave local TV channel Hamburg1 as a shareholder. Hamburg-based media entrepreneur Frank Otto will take over the stake, a Springer spokesman told Rapid TV News.

Der move is subject to media regulatory approval. In return, Springer will increase its share in Hamburg's official city Web portal hamburg.de from 51% to 61.9%.

"This decision is also connected with the expanded collaboration with the city of Hamburg regarding hamburg.de," explained the spokesman, adding that the moves are part of Springer's general digitalisation strategy.

Springer used to hold 27% in Hamburg1. Frank Otto who founded the channel in 1995 held around 6.5%.