Is it so uncommon for big companies to evaluate the performance of various divisions independently? If Holtzbrinck recognizes that S. Fischer's activities have caused that subsidiary to start losing money, they will probably modify their opinion. Why would they want to subsidize a losing bet using the profits from other divisions? The fact that two companies are owned by the same holding group does not really mean they are the "same" company, any more than two companies which are majority owned by the same private investors are the same company.