German Publisher Axel Springer Buys Politico, Axios Talks Ended
Posted on 08/26/2021
German media giant Axel Springer, which earlier had acquired Business Insider (Insider), wanted to buy a U.S. political news business that had revenue growth. Axel Springer had talks with Axios. The German publisher ended up buying the Washington D.C.-based Politico franchise for more than US$ 1 billion. Protocol, Politico’s tech news site, is also included in the deal.
In Europe, Axel Springer and Politico are already engaged in a joint venture in Europe. Axel Springer will acquire the remaining 50% share of its joint venture Politico Europe.
The seller is Politico’s current owner Robert Allbritton. Allbritton will remain publisher of Politico and Protocol. Furthermore, “the editorial and management leadership teams of Politico in the U.S., Politico Europe and Protocol will remain in place,” Axel Springer said, operating separately from Axel’s other brands like Insider and Morning Brew.
Robert Allbritton is the owner and founder of Capitol News Company, the parent company of Capitol Hill political newspaper and website Politico. Allbritton also served as the chairman and CEO of Allbritton Communications, which owned several ABC-affiliated television stations in Washington, D.C. Allbritton was previously the last CEO of Riggs National Corporation, the parent of Riggs Bank, from 2001 to 2005, when PNC Bank acquired the bank.
Earlier this month, D.C. news business The Hill was sold to Nexstar Media Group.
