Plans to end gazumping with binding agreements in house sales shake-up

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Plans to end gazumping with binding agreements in house sales shake-up 1 day ago Share Save Add as preferred on Google Rachel Clun, Business reporter and Kevin Peachey, Cost of living correspondent Getty Images Home buyers and sellers can expect an end to "gazumping" in a major shake-up aimed at speeding up housing sales. Legally binding sales agreements will be introduced earlier to stop buyers or sellers walking away at a late stage in the process without a legitimate reason. In England and Wales, buyers can currently be outbid at a late stage of the sale and chains can fall apart months into the process, causing huge frustration for buyers as well as being expensive. Previous attempts to improve the system have had limited success and few of the latest proposed changes will happen immediately. The planned reforms, first announced in October last year , will be introduced at the end of this Parliament in 2029. The changes include home buyers receiving more information abou...
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Axel Springer Refocuses on Media and Embraces Artificial Intelligence, Divesting Classifieds Division

 


The German media empire Axel Springer has announced a strategic refocus on its core press business, betting on artificial intelligence. To achieve this, the group will part ways with the majority of its lucrative classifieds division.

Return to a More "Family-Oriented" Structure:

Mathias Döpfner, CEO of Axel Springer, and Friede Springer, widow of the founder Axel Springer, have decided to sell the digital marketing activities. They aim to retain control over the group's media division, focusing on the development of flagship press titles like *Bild Zeitung* and *Politico*, leveraging artificial intelligence.

Separation of the Classifieds Division:

The classifieds activities, including platforms such as Meilleurs Agents, Seloger in France, and Immowelt in Germany, will be sold to two majority shareholders: American firm KKR and Canadian CPP. These companies have already been strategic partners of the group for five years.

Statement by Mathias Döpfner:

In a podcast addressed to the group’s 17,000 employees, Mathias Döpfner stated: "Why wait? We have so many projects for the media sector." He emphasized that artificial intelligence is evolving rapidly and represents both opportunities and challenges.

AI and Journalism:

Contrary to some opinions, Döpfner believes that artificial intelligence will not destroy journalism. On the contrary, it could help strengthen trust in information in the face of misinformation and fake news. Since 2023, Axel Springer has been relying on AI for producing journalistic content, transforming production into a by-product of creative journalism.

Strategic Partnerships:

Springer also sees artificial intelligence as a source of revenue. The group has signed an agreement with OpenAI (creator of ChatGPT) and another with Microsoft to provide paid content in response to user inquiries. These agreements are seen as crucial for preserving independent journalism.

Transaction with KKR and CPP:

The sale of the classifieds activities to KKR and CPP, whose transaction value has not been disclosed, is expected to be finalized by the second quarter of 2025, pending regulatory approvals. The group is valued at €13.5 billion, with €10 billion attributed to the classifieds division.

Axel Springer’s Influence:

Founded in 1946, Axel Springer is the most influential media group in Germany, notably due to its tabloid *Bild* and the conservative daily *Die Welt*. The group has also extended its influence in the United States with the acquisition of the site *Politico* in 2021, which it later expanded in Europe.


Axel Springer's reorganization allows the group to focus on the media sector and artificial intelligence while ensuring financial independence through the sale of its classifieds division.



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