Axel Springer is buying US news media POLITICO and Brussels-based POLITICO Europe, Springer CEO Mathias Döpfner announced. The deal includes buying the remaining 50 per cent share of joint venture POLITICO Europe as well as the tech news website Protocol from POLITICO founder Robert Allbritton.
”We are thrilled to continue our strategic expansion in the US media market”, Springer said in a statement. “POLITICOs authoritative voice offering inside perspective and analysis of politics and policy in Washington D.C., across the U.S. and around the globe will complement our US headquartered news brands Business Insider and Morning Brew and further add to their reach.”
”With significant revenue derived from high-value business-to-business subscriptions and advertising, the publishing model has produced steady growth and healthy profits, and has a proven strategy for further robust expansion moving forward.”
Axel Springer and POLITICO in the US have been joint venture partners since 2014 when they launched Brussels-based POLITICO Europe. In a press release, the companies says POLITICO Europe has continuously grown both its newsroom and its revenues and has been profitable since 2019.
Mathias Döpfner, CEO Axel Springer, commented: 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.”
Robert Allbritton will continue as publisher of POLITICO and Protocol. The editorial and management leadership teams of POLITICO in the U.S., POLITICO Europe and Protocol will remain in place, and will continue to operate their publications separately from Axel Springer’s other brands headquartered in the U.S.
Both parties have agreed not to disclose the deal terms. Subject to regulatory approval, closing of the transaction is expected in Q4 2021, the companies said.