German media group Axel Springer buys the US newspaper Politico, also absorbing the remaining 50% stake in its current joint venture with the European division Politico.eu. The company announced this on the morning of 26 August. Several US media outlets, including CNBC and the Wall Street Journal, speak of a $ 1 billion operation. The Springer group, known in Germany for publishing large circulation newspapers such as Bild and Die Welt, thus expands its portfolio of publications on the American market.
In addition to Politico, a newspaper based in Arlington County (Virginia), the German group already owns Insider and Morning Brew, a publisher specialized in newsletters. In the past, negotiations had opened to get their hands on Axios, a newspaper deemed to be a competitor of Politico. The contacts are interrupted precisely following the transaction with Politico, according to Cnbc.
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The rise of the digital media industry
Founded in 2007, Politico is a newspaper best known for its “inside” coverage of politics and policy in the US Congress. Its model, based mainly on analysis, background and vertical products for subscriber users (Politico Pro), was imported to Brussels from its European version Politico Europe. The Springer acquisition marks a new stage in the consolidation of large digital media groups, after BuzzFeed group bought HuffPost from Verizon Communication in 2020 and Vice Media absorbed the previous year Refinery29, while Vox Media got its hands on New York Media.