Politico, the 15-year-old digital media company for politics and politics, is being sold to the German publishing giant Axel Springer.
According to a source familiar with the conditions, the price was more than 1 billion US dollars. In addition, Axel Springer will take over the remaining 50 percent of its Politico Europe joint venture and the tech news website Protocol from the current owner, Robert Albriton.
The transaction is subject to the approval of the regulatory authorities; the closing will be in the fourth quarter of this Expected year.
The takeover marks another entry for Axel Springer into the US market, as Insider and Morning Brew are already in the portfolio.
Mathias Döpfner, CEO of Axel Springer, said in a statement that “The outstanding team from Politico has broken up digital political journalism and set new standards. A real 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 all believe in the need for editorial independence and non-partisan reporting. This is critical to our future success and accelerated growth. ”
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Allbritton will continue to act as publisher, and Axel Springer said it will retain the editorial and management functions, with its publications operated separately from the other corporate brands. In a statement, he said that “it has become increasingly clear in recent years that the responsibility to grow our business on a global scale, better serve audiences and create more opportunities for our employees could be better fulfilled by a larger company” . with a significant global presence and ambition than I would as a family business owner. ”
Last week, Nextstar Media Group announced that it had launched another political and political publication, The Hill, for $ 130 million acquires.