Tue. Oct 26th, 2021

© Reuters. PHOTO FILE: The logo of the German publisher Axel Springer appears in front of the company’s headquarters in Berlin on July 25, 2013. REUTERS / Fabrizio Bensch / File Photo

(Reuters) – Axel Springer said on Thursday he would acquire the US political news website Politico as the German publisher joins a global network of digital news operations.

The companies did not disclose the terms of the deal, but the New York Times reported at https://nyti.ms/3DkIyy8 last week that Politico could be sold for $ 1 billion in a possible deal with Axel Springer.

Springer CEO Mathias Doepfner told the German newspaper Handelsblatt that Politico is its largest investment in history, not to mention the price. Politico was not immediately available for comment.

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

Robert Allbritton, the owner of Politico, will continue to be the publisher of the website after the deal, which is expected to close later this year.

Politico was founded before the U.S. presidential election in 2008 by deserters from the Washington Post with the goal of covering Washington and politics with the pace, analysis, and rigor of sports journalism.

Springer owns a wide portfolio of news, including Bild, Welt and Insider, and operates in more than 40 countries.

US private equity investor KKR, which owns about 48% of Springer, has been consolidating its digital and multimedia asset portfolio through the German media conglomerate.

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

Springer and Axios declined to comment.

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