Bertelsmann believes it can exploit its private status to buy assets from struggling private equity groups, but its new management admitted yesterday that it first needed to clean up underperforming corners of its portfolio. Net income plunged in 2007 from €2.46bn ($3.9bn) to €405m, owing to writedowns of its North American book and music clubs, the costs of settling litigation over the Napster digital music service and the absence of 2006’s gains from selling BMG Music Publishing. (Financial Times)
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