Billionaire Bertelsmann tycoon dead at 88
Sunday 04 October 2009
Reinhard Mohn, who built Germany's Bertelsmann from a family printing and publishing business into one of the world's largest media companies, has died at the age of 88, the firm said on Sunday.
Mohn, listed at 261 in the Forbes' 2009 billionaire list with a net worth of 2.5 billion dollars, was a Bertelsmann executive for over 60 years, leaving a firm that now employs more than 100,000 people in over 50 different countries.
"Bertelsmann mourns the loss of one of the greatest entrepreneurs of our age," the current chairman and chief executive officer, Hartmut Ostrowski, said in a statement.
"All of us at Bertelsmann, the entire nation, as well as our friends in Europe and the rest of the world have lost an entrepreneur and benefactor par excellence," he added.
Mohn died on Saturday after a long battle with illness.
The company he leaves behind is facing serious problems, hammered by falling advertising revenue and the global economic crisis.
Ostrowski is currently overseeing the biggest cost-cutting operation of its history.
In May, the group reported a loss in the first three months of the year of 78 million euros (114 million dollars) compared to a net profit of 35 million euros in the same period last year.
Among the interests Bertelsmann controls are the RTL and M6 television channels and magazine titles such as Gala and Geop. It also publishes books.
Game of Thrones
Arts & Ents blogs
- 1 More than 11,000 Icelanders offer to house Syrian refugees to help European crisis
- 2 President Obama comments on Humans of New York photo from Iran
- 3 If these extraordinarily powerful images of a dead Syrian child washed up on a beach don't change Europe's attitude to refugees, what will?
- 4 The Chinese city where men have 'three girlfriends because there are so many women'
- 5 German police forced to ask public to stop bringing donations for refugees arriving by train
Star Wars: New action dolls launched on Force Friday ahead of The Force Awakens release
First Look at Bryan Cranston transformed into LBJ for HBO’s ‘All the Way’ film
The real reason Eddie Redmayne was cast as a trans woman in The Danish Girl
Photographer captures the beauty and intensity of his girlfriend giving birth at home
Jamie’s Sugar Rush, TV review: Defeated by school dinners, Oliver takes on a new enemy
Senior British politicians tell David Cameron: When dead children are being washed up on beaches – it's time to act
Britain to take more refugees as Cameron bows to pressure after more than 200,000 back our campaign
Jeremy Corbyn calls Osama bin Laden's killing a 'tragedy' - but was it taken out of context?
If these extraordinarily powerful images of a dead Syrian child washed up on a beach don't change Europe's attitude to refugees, what will?
If you're not already angry about the refugee crisis, here's a history lesson to remind you why you really should be
Theresa May says migrants should be banned from entering the UK unless they have jobs lined up