German publishing giant Axel Springer has announced the acquisition of Politico.
The deal size was not disclosed, but CNBC reported that it is worth around $1bn, citing sources.
It emerged earlier this month (see below) that Axel Springer was in talks to buy Politico.
The publisher, which also owns Insider and Morning Brew in the US, was reported to be in talks to acquire Axios earlier in the summer. According to CNBC, this deal is no longer on the cards.
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As part of its takeover, Axel Springer will also be buying tech news website Protocol and the remaining 50% of Politico Europe, which it launched in 2014 as a joint venture with Politico.
Robert Allbritton, the founder of Politico and Protocol, will continue as publisher of the brands after the sale completes.
Source: Press release
Deal size: Reportedly around $1bn
Country: Germany/ US
Status: Official
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