From a CNBC story by Lauren Feiner headlined “Politico sells to German publishing giant Axel Springer in deal worth about $1 billion”:
- German publisher Axel Springer plans to acquire digital media site Politico.
- The deal is worth about $1 billion, according to a person familiar with the situation.
- The acquisition grows the publishing group’s portfolio further, adding to its ownership of Insider and Morning Brew.
German publisher Axel Springer announced Thursday that it plans to acquire digital media site Politico. The companies did not disclose a price for the deal, but a person familiar with the matter said Politico sold for about $1 billion….
The acquisition grows the publishing group’s portfolio in the U.S. further, adding to its ownership of Insider and Morning Brew. Axel Springer is the German publishing giant behind major news outlets like Bild and Die Welt in that country. It recently went private and continues to invest in U.S. digital media companies.
Axel Springer and Politico were already in a joint venture partnership since 2014, when Politico Europe launched….That news site has been profitable since 2019, the announcement said.
Axel Springer was in talks to buy Politico’s rival, Axios, earlier this year. But Axel Springer is no longer in discussions to purchase Axios now that it has a deal with Politico…
Politico founder and publisher Robert Allbritton will continue in that role for both Politico and sibling tech site Protocol. The companies said its editorial and management leadership teams at Protocol and in the U.S. and Europe at Politico would remain and operate the publications independently from Axel Springer’s other U.S. brands.
Also see the New York Times story by Edmund Lee headlined “Politico will be acquired by Axel Springer in a deal valued at more than $1 billion”
And a longer explanatory story on niemanlab.org by Joshua Benton headlined “Politico is being sold for more than $1 billion; here are some of the smart moves it made to get there”
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