Düsseldorf, December 4, 2006 — Shearman & Sterling advised Axel Springer AG on the acquisition of 25.1% of the shares in Telewizja POLSAT S.A., Warsaw, a Polish TV company, from POLSAT Media B.V.  The transaction is valued at €250 million, but may be subject to an upward adjustment until the end of 2008 of up to  €50 million, depending on the future value of the participation.

The closing of the acquisition is subject to customary conditions precedent and completion of satisfactory due diligence by Axel Springer.

POLSAT is one of the two leading private TV broadcasting groups in Poland.

The following Shearman & Sterling attorneys advised Axel Springer on the transaction: partners Rainer Wilke (M&A/Corporate, Düsseldorf) and Reinhard Stockum (Tax, Düsseldorf/Frankfurt) and associates Thankmar Wagner, Erbo Heinrich (both M&A/Corporate, Düsseldorf) and Bodo Bender (Tax, Düsseldorf/Frankfurt).

For additional information contact:
Marcus Brans | Düsseldorf | T +49.211.17888.907 |