Dutch newspaper and magazine group Telegraaf Media Groep, which has the market-leading De Telegraaf title, has bought a 12 percent stake in German pay-TV group ProSiebenSat.1 (FRA: PSM) for €377 million in cash, in a move designed to reduce its reliance on dead trees.

TMG made €433 million last year from selling its stake in broadcaster SBS, bought by ProSiebenSat.1 itself, and was granted an option to buy a stake in the German outfit this year. Though in May it declined that opportunity, it says it is now taking advantage advantage of the credit crunch to snap up the stake at a €51 million saving. CEO Ad Swartjes said it’s “an important step that fits into our strategy of becoming less dependent on print media”.

ProSiebenSat.1’s online interests include video portal MyVideo.de, youth social net Lokalisten.de, price comparison site Billiger, female publisher Feem and UK flirt service Flirtomatic. News Corp (NYSE: NWS) has been upping its stake, too.

• ProSiebenSat Buys Stake In German Video Sharing Site MyVideo
• ProSiebenSat.1/SBS Merger Closer After Dutch Publisher’s Acquisition Option