Sept. 17 (Bloomberg) -- Axel Springer AG, Europe's largest newspaper publisher, will increase its stake in TV broadcaster ProSiebenSat.1 to 12 percent as part of a settlement with the insolvency administrator of KirchMedia GmbH.

Axel Springer will get 1.8 percent of ProSieben from Kirch, raising Springer's stake from 10.2 percent, the company said in a statement to the Frankfurt exchange. Axel Springer will also get 60.3 million euros ($73.5 million) from Kirch, a German media company that filed for protection from creditors two years ago.

``Under the settlement agreement, Axel Springer AG agrees to waive its rights arising from the put option claim which is in dispute between the parties involved,'' Hamburg, Germany-based Axel Springer said.

The insolvency administrator of KirchMedia will ``recognize a claim in the schedule of debts in an amount of 325 million euros in favor of Axel Springer,'' the company said. The claim will be taken into account in the further insolvency proceedings, Springer said.

Last Updated: September 17, 2004 03:44 EDT