Axel Springer will acquire Politico, its remaining 50% share of Politico Europe and tech news site Protocol. (Adweek)
Financial details of the deal were not disclosed, but it’s been valued to be at more than $1 billion, people familiar with the matter told the Wall Street Journal. The decision to purchase Politico comes as Axel Springer continues to expand its U.S. media holdings—it recently purchased Morning Brew and bought Business Insider for about $500 million in 2015. (WSJ)
Robert Allbritton, Politico’s current owner, said he decided to sell the media company because “it became steadily more clear that the responsibility to grow the business on a global scale, to better serve the audience and create more opportunities for our employees, might be better advanced by a larger company with a significant global footprint and ambitions than it could be by me as owner of a family business.” (CNN)
The deal is expected to close in Q4. (Deadline)