Axel Springer buys Politico, the media specializing in analysis and insights into Washington politics. The German publisher, which controls Die Welt and Bild among others, announced that it had reached an agreement to take over the newspaper, evaluating it, according to rumors reported by Cnbc and some evaluations reported by the New York Times, about 1 billion dollars. However, the parties have agreed not to disclose the terms of the agreement.
Axel Springer and Politico had already formed a joint venture in 2014 for the launch of Politico Europe, or the European version: the agreement also includes the purchase of 50% of the partnership, as well as the tech news Protocol site, another creation of Robert Allbritton, founder and president of Politico. Axel Springer’s announcement confirms the rumors circulated in recent days relating to an imminent agreement. The operation, according to what the parties communicate, should be completed by the end of the year.
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“Politico – reads a note – will complement and strengthen Axel Springer’s portfolio thanks to his authoritative voice capable of offering a political perspective and analysis from Washington and the United States“. Together with Business Insider and Morning Brew, which are already in the group’s portfolio, the US-based news group’s offering now strengthens.
In fifteen years of history, adds Axel Springer’s note, Politico has emerged as one of the most influential news sources in the world, as well as one of the leading innovative models of success in the media industry of the twenty-first century. Today they work on Politico and Protocol, launched in 2020, more than 500 journalists: with significant revenues derived from business-to-business subscriptions and advertising, both of a high level, the model – concludes the note from Axel Springer – has produced healthy and steady growth profits, and has a consolidated strategy for subsequent expansion in the years to come . The European version of Politico, based in Brussels, has in turn been active since 2019, as the press release of the group points out.
«Politico can count on an exceptional team, which has revolutionized digital political journalism and set new standards: a true North Star – said Mathias Döpfner, CEO of Axel Springer -. We consider it a special honor and responsibility to help shape the future of this world-class media reality. Objective quality journalism is more important today than ever today ».