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(From FT Investor (Stories))
Bertelsmann has sold a 40 per cent stake in Pixelpark, the web services company, in the latest such disposal since the German media group's decision, five months ago, to dismantle the network of online investments and businesses built by Thomas Middelhoff, its former chief executive.
A spokesman for Bertelsmann confirmed the sale on Wednesday but declined to name the buyers or quantify the proceeds.
People close to the group, however, said Wolf-Dieter Gramatke, former head of Universal Music for Germany, and Axel Fischer, owner of Mediacs, a multimedia agency, had each bought a 20.1 per cent stake in Pixelpark for a symbolic [euro]1. Pixelpark was founded in 1991 but only began expanding in 1996 after Bertelsmann ...