German publisher Axel Springer SE announces completion of acquisition of US political media Politico
BERLIN – German publisher Axel Springer SE announced on Tuesday that it has completed the acquisition of US political media Politico.
The announcement came a day after Axel Springer ousted the senior editor of its flagship publication in Germany over allegations of misconduct.
Julian Reichelt’s dismissal from his post as editor of the tabloid Bild has been seen by some commentators in Germany as a possible nod to the concerns of its majority owner, US investment firm KKR, following reports in the media that the 41-year-old had acted inappropriately. towards employees.
Axel Springer said in a statement that the acquisition of Politico, technology news site Protocol, E&E News and Agency IQ from founder Robert L. Allbritton was completed after receiving the necessary regulatory approvals.
A purchase price was not announced, but German media reported it was around $ 1 billion.
“We have always believed deeply in the business model of digital journalism and Politico is a prime example of how to make it work,” said Axel Springer, citing its chief executive Mathias Doepfner.
“We will work with Politico to further elevate its growth potential and aim to help expand its offering internationally,” he said.
Axel Springer has increasingly outgrown its traditional European publishing market in recent years, notably by investing in specialist online portals such as the Stepstone recruitment site.