Axel Springer and KKR In Talks to Dismantle Media Empire; Apple’s Pledges Bring EU Antitrust Probe to a Close; ITV’s New ReLoved eBay Marketplace

by Aimee Newell Tarín on 15th Jul 2024 in News

On today’s news digest: Axel Springer and KKR In Talks to Dismantle Media Empire; Apple’s Pledges Bring EC Antitrust Probe to a Close; ITV’s New ReLoved eBay Marketplace

Chief Executive of Axel Springer, Mathias Döpfner is in talks with private equity group KKR, regarding a break up of the media conglomerate. The deal would separate the group’s media assets from its digital classifieds operation, as well as giving Döpfner and Friede Springer greater control over the group’s media properties (which include Business Insider and Politico). The conglomerate’s classifieds business is reportedly achieving more growth and profitability than its media business. The deal would see KKR and Canada Pension Plan Investment Board – the largest shareholders of the conglomerate – taking control of its portfolio of classifieds websites. The deal, however, is not guaranteed at this stage.

Last Thursday, the European Commission (EC) accepted Apple’s commitments addressing their concerns that the tech giant may have illegally restricted competition for mobile wallets on iPhones. The technology used to fulfil wireless payments via phone wallet at a shop – named Near Field Communication (NFC) – is a standardised technology, not developed by Apple, the EC points out. So far, Apple has refused to give competitor wallet developers access to the NFC technology on the iPhone. Without access to the iPhone’s NFC functionalities, rivals are unable to reach Apple users. This left iPhone users with no other choice but to pay with Apple Pay’s ‘tap to pay’. Apple’s commitments involve giving NFC functionality to third-party mobile wallets (free of charge), and enabling users to pick a wallet of their choice as their standard option on the iPhone. Apple now has until 25th July to implement its commitments, which must remain in force for a decade.

Looking to the realm of retail, ITV has launched an eBay marketplace, ReLoved. Through a partnership with eBay and non-profit organisation PropUp Project, the marketplace will give consumers the opportunity to purchase a range of props, consumes, furniture as well as other items from behind the scenes of popular ITV shows. All profits made by ITV will go towards charitable causes. The initiative aims to give a second-life to the items sold, while also reducing waste.