Axel Springer today announced it has completed its acquisition of Politico, a deal that we first reported on in August. The publication is one of the world’s most influential sources for political news, and the publishing giant is now the 100% owner of the media properties previously owned by Robert Allbritton including Politico, Politico’s 50% interest in Politico Europe, Protocol, E&E News and Agency IQ.
Mathias Döpfner, CEO of Axel Springer, commented: “We have always believed deeply in the digital journalism business model and Politico is a prime example of how to make it work. They have a superior team with the highest quality standards and an impressive sense of how to convey their superior offerings in a digitized world. Politico’s strong growth and high profitability across a diversified earnings base is a testament to its success story. We will work with Politico to further elevate its growth potential and aim to help expand its offering internationally.”
Jan Bayer, President News Media of Axel Springer, added: “We have known, appreciated and trusted each other for years through our joint venture Politico Europe, which we have successfully operated and grown together since 2014. I am extremely pleased to now take this existing partnership to a new level. We believe in this business, in this newsroom and this leadership team.”
Robert L. Allbritton, Founder and Publisher of Politico and Protocol, said: “Today marks the dawn of a new era of opportunity for everyone connected to Politico. Axel Springer is the perfect owner to take our publications to the next level as we build on our excellence in Washington and Brussels, and enter new markets and territories as we have done successfully with Protocol’s essential coverage the new power dynamics of technology and E&Es brilliant coverage of the energy sector and the existential issues surrounding our planet’s climate.”
The transaction was completed following receipt of all required regulatory approvals and pursuant to the terms of the agreement previously announced on 26 August 2021. Politico complements Axel Springer’s portfolio as a central asset in the firm’s already strong presence in the dynamic and increasingly diverse US media market.