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German social network sold for 85 million euro

StudiVZ, a large German online social network for students, has been sold to the publishing house Holtzbrinck for about 85 million Euros. Another media giant, Axel Springer, was involved in the bidding process but apparently Holtzbrinck already had a minority stake in StudiVZ and won the battle.

Holtzbrinck owns for example DIE ZEIT and Handelsblatt. [Via Paidcontent]

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