German publishing group Axel Springer to buy Politico
By Michele Maatouk
Date: Thursday 26 Aug 2021
(Sharecast News) - German publishing group Axel Springer has agreed to buy digital media site Politico, including the remaining 50% share of its current joint venture Politico Europe, from founder Robert Allbritton for an undisclosed sum.
The deal also includes tech news website Protocol.
Axel Springer said Politico will complement and strengthen its portfolio with an "authoritative voice offering inside perspective and analysis of politics and policy in Washington DC, across the US, and around the globe".
Chief executive officer Mathias Döpfner said: "Politico's outstanding team has disrupted digital political journalism and set new standards. A true North Star. It will be a privilege and a special responsibility to help shape the future of this outstanding media company.
"Objective quality journalism is more important than ever, and we mutually believe in the necessity of editorial independence and nonpartisan reporting. This is crucial for our future success and accelerated growth."
Although the companies did not disclose any financial details of the deal, The New York Times has reported that Allbritton was looking to get $1bn.
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