The two media groups Axel Springer and Ringier are founding a new joint venture company in which each will hold an equal stake. A letter of intent for this purpose had already been signed in December 2014. Axel Springer Switzerland will contribute to the new joint venture company the entire Swiss business of Axel Springer SE, and Ringier will contribute all its publications in the German speaking and French speaking part of Switzerland, together with their online offerings and Le Temps, the quality daily newspaper published in the French speaking part of Switzerland. The operations of the new joint venture company, Ringier Axel Springer Media Switzerland AG, are expected to commence on 1 January 2016.