Friday, September 17, 2021

American site Politico. German publisher in deal to buy

Reuters

According to a source familiar with the matter, Axel Springer will acquire Politico in a deal that valued the US political news website at more than $1 billion.

The companies announced the deal on Thursday but did not disclose terms. It is the biggest acquisition ever for Axel Springer, as the German publisher ties together a global network of digital news operations.

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

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

Politico was founded by defectors from the Washington Post ahead of the 2008 US presidential elections, with the aim of covering Washington and politics with the speed, analysis and rigor of sports journalism.

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

US private equity investor KKR, which owns about 48% of Springer, is building out its portfolio of digital and media assets despite the German media conglomerate.

Separately, two people familiar with the matter told CNBC that Springer was no longer in talks to buy digital-news outlet Axios, which was founded by Politico co-founder Jim Vandehei.

Springer and Axios declined to comment.

Subrata Patnaik, Tiyashi Dutta, Kenneth Lee, Crystal Hu and Klaus Lauer contributed to this report

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American site Politico. German publisher in deal to buy
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