Hamburg, November 30, 2004
Gruner + Jahr is acquiring the Würzburg- based Vogel media group´s shares (45.7 percent) in Vereinigte Motor- Verlage (VMV), Stuttgart, effective January 1, 2005. G+J currently owns 17.1 percent of VMV.

At the same time, the VMV will be merged under company law with Motor-Presse Verlag (MPV), into a company to be known as Motor- Presse Stuttgart (MPS). Thus, G+J will be the majority owner of the future Motor-Presse Stuttgart (MPS), with 54.9 percent of shares. The Pietsch group will increase its stake in Motor-Presse Stuttgart (MPS), which already does business as a single company, to 25.1 percent, while the Dietrich-Troeltsch groups will together own 20 percent. The contracts will be signed this week.

The acquisition of shares from the Vogel media group and all other changes to the ownership structures are subject to antitrust approval. In any case, the Motor-Presse Stuttgart will continue to be managed as a separate company at its Stuttgart headquarters. Dr. Friedrich Wehrle will remain in place as the company´s CEO.

Both publishers´ magazines are characterized by quality journalism and journalistic independence. In Germany, the magazines published by Motor-Presse Stuttgart - e.g. "auto motor and sport", "Motorrad", "Men´s Health" and "connect" - round out the G+J portfolio by adding car and men´s magazines, fields in which G+J is not yet active. Motor-Presse Stuttgart leads the market in car, motorcycle, telecommunications and sports/recreation magazines. The two publishers have already collaborated successfully for several years in the area of magazine distribution.

By taking over the majority of Motor-Presse Stuttgart, G+J strengthens its position in the German ads and distribution market and improves its market opportunities in a number of countries. For instance, by joining with Motor-Presse International (MPI), G+J takes the market leadership in Spain and moves up a slot or two in the ranking of major publishers (by total revenue) in both France and Poland.

Subsidiaries and joint ventures in international markets in which Gruner + Jahr does not have a publishing presence of its own to date - e.g. Switzerland, Portugal, the Czech Republic, Slovakia, Ukraine, Argentina, Brazil and Mexico - open up a wealth of new opportunities for internationalization and expansion for Gruner + Jahr and Motor-Presse Stuttgart. The move also strengthens their joint market position in Chinese market, where both publishers already have operations.

Gruner + Jahr CEO Dr. Bernd Kundrun said: "Taking over the majority of Motor-Presse Stuttgart allows us to take a big step forward on our planned growth path. It crucially enhances our market positions in many of G+J´s major markets and opens up new markets and segments. We´re also an excellent match: both publishers stand for quality journalism and journalistic independence. We have very similar publishing and entrepreneurial cultures."

Publisher Dr. Kurt Eckernkamp, chairman of the supervisory board and a shareholder in the Vogel media group, said: "The shareholders and the management have long since agreed that the ownership structure should be simplified. Now, the unified market presence that Motor- Presse Stuttgart has developed over the past few years is finally reflected in a unified company that will continue to be under its own management."

Dr. Bernd Kundrun thanked Rolf Wickmann, G+J´s general agent and Chairman of Vereinigte Motor-Verlage (VMV) advisory board and shareholders´ meeting, for handling the "time-consuming, demanding and complex negotiations, which have now culminated in this successful step."

The Motor-Presse GmbH was founded in Freiburg in 1946 by Paul Pietsch, Ernst Troeltsch und Josef Hummel. In 1951, in a merger with the Vogel publishing company, the Stuttgart-based Vereinigte Motor-Verlage publishing group was born. It has since grown into a distinguished international publisher of special-interest magazines. Today, it is Europe´s biggest publisher of special-interest magazines. The group publishes more than 135 magazines worldwide, in mobility, consumer electronics, telecommunications, lifestyle, sports and recreation. Motor-Presse Stuttgart is the German market leader in car and motorcycle magazines. Its approx. 1,700 employees worldwide (approx. 770 in Germany and 930 outside Germany) generated annual revenue of 350 million in 2004. The rapidly growing international department accounted for nearly 150 million, or 43 percent, of the total revenue. The group currently publishes 90 magazine titles in 14 countries.

Although the company also offers TV and online productions in addition to conventional print media, target-group and themed special-interest magazines remain its core business in Germany and beyond.

For further information:

Thomas Huber
Head of Corporate Communications and Public Affairs
Gruner + Jahr AG & Co KG
Am Baumwall 11
20459 Hamburg
Telephone: +49.40.3703-4000
Telefax: +49.40.3703-5617
E-Mail: huber.thomas@guj.de