Politico Will Be Sold To Axel Springer For Over $1B

Axel Springer said on Thursday it will acquire US political news website Politico, as the German publisher stitches together a global network of digital news operations.

The companies did not disclose the terms of the deal, but the New York Times reported last week that Politico could be sold for $1 billion in a potential deal with Axel Springer.

Springer declined to comment on deal terms, while Politico was not immediately available to comment.

The deal, in which Springer will also buy the remaining 50% share of its joint venture Politico Europe, follows its 2015 deal to buy Business Insider and a 2020 deal to buy a majority stake in business newsletter platform Morning Brew.

Robert Allbritton, the owner of Politico, will continue as the publisher of the website following the deal, which is expected to close by end of this year.

Politico was founded ahead of the 2008 U.S. presidential elections by defectors from the Washington Post with an aim to cover Washington and politics with the pace, analysis and rigor of sports journalism.

Springer owns a rich portfolio of news outlets including Bild, Welt and Insider, and is active in more than 40 countries.

US private equity investor KKR, which owns around 48% of Springer, has been building up its portfolio of digital and media assets though the German media conglomerate.

In May, the Information reported that Springer was also in talks to buy another digital-news outlet Axios.

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