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Axel Springer in talks to buy Sport1 from Constantin Medien -Sources

Reuters - UK Focus

FRANKFURT, July 5 (Reuters) - The German media giant Axel Springer (Sao Paolo: R2:SPRI3S.SA - news) is in exclusive talks to buy TV channel Sport1 from Constantin Medien (IOB: 0K77.IL - news) , two people familiar with the situation said on Wednesday.

Axel Springer (Swiss: SPR.SW - news) is bidding more than 80 million euros ($91 million) for the sport platform, which consists of TV, radio, mobile and internet offerings, they said.

The pay TV firm Sky (Frankfurt: 893517 - news) has dropped out of the running.

Axel Springer, Constantin and Sky declined to comment.

Constantin Medien has said that it was in talks to sell Sport1 but has not revealed any bidders.

The Frankfurt Allgemeine Zeitung on Wednesday was the first to report on the exclusive talks.

($1 = 0.8821 euros) (Reporting by Alexander Huebner; Writing by Tom Sims; Editing by Edmund Blair)