Axel Springer announced Thursday, August 26 that it will acquire the American political news site Politico, as the German publisher assembles a global network of digital information operations.
The companies did not disclose terms of the deal, but The New York Times reported last week that Politico could be sold for $1 billion in a potential Axel Springer deal.
Springer CEO Mathias Doepfner told German newspaper Handelsblatt that Politico was its biggest investment ever, without mentioning the price. Politico was not immediately available for comment.
The deal, in which Springer will also buy the remaining 50% of its Politico Europe joint venture, follows its 2015 deal to buy Business Insider and a 2020 deal to buy a majority stake in business newsletter platform Morning. Brew.
Politico owner Robert Allbritton will continue as the website’s publisher after the deal, which is expected to close by the end of this year.
Politico was founded before the 2008 U.S. presidential election by Washington Post defectors with the goal of covering Washington and politics with the pace, analysis, and rigor of sports journalism.
Springer has a rich media portfolio, including Bild, Welt and Insider, and is active in over 40 countries.
US private equity investor KKR, which owns about 48% of Springer, has built its portfolio of digital and media assets through the German media conglomerate.
Separately, two people familiar with the matter told CNBC that Springer is no longer in talks to buy digital media outlet Axios, founded by Politico co-founder Jim VandeHei.
Springer and Axios declined to comment.