2 Claim Bertelsmann Owes Them $3 Billion
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Bertelsmann, Germany’s largest media company, owes two former managers about $3 billion for their share of the company’s profit from the sale of its half of AOL Europe, their lawyer told a Superior Court jury in Santa Barbara.
Andreas von Blottnitz and Jan H. Buettner claim Bertelsmann and its former chief executive, Thomas Middelhoff, promised them an equity stake in the joint venture between Bertelsmann and Time Warner Inc.
Guetersloh, Germany-based Bertelsmann agreed to sell its stake to Time Warner in 2000 for $6.75 billion.
Middelhoff and Bertelsmann say Von Blottnitz and Buettner have misinterpreted their contracts.
From Bloomberg News
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