Politico, the 15-year-old digital media company covering politics and policy, is being sold to German publishing giant Axel Springer. The price was more than $1 billion, according to a source famil…
The price was more than $1 billion, according to a source familiar with the terms. Axel Springer also will also acquire the remaining 50 percent share of its joint venture Politico Europe, and the tech news website Protocol from current owner Robert Albritton.
The deal is subject to regulatory approval, with closing expected in the fourth quarter of this year. The acquisition marks a further reach by Axel Springer into the U.S. market, as it already has Insider and Morning Brew as part of its portfolio. In a statement, Mathias Döpfner, the CEO of Axel Springer, said that Politico’s “outstanding team has disrupted digital political journalism and set new standards. A true North Star. It will be a privilege and a special responsibility to help shape the future of this outstanding media company. Objective quality journalism is more important than ever, and we mutually believe in the necessity of editorial independence and nonpartisan reporting.
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