Axel Springer to Acquire Politico

Axel Springer SE has agreed to buy Washington, D.C., publisher Politico, expanding the German publisher’s portfolio of U.S.-based media holdings.

The deal is valued at more than $1 billion, according to people familiar with the matter.

Axel Springer will also acquire the remaining 50% share of its current joint venture Politico Europe, as well as tech news site Protocol from Robert Allbritton, founder and publisher of Politico and Protocol, the companies said Thursday.

The Wall Street Journal earlier this month reported that Axel Springer was in talks to purchase an ownership stake in Politico, and that the discussions also included the possibility of a full buyout. Launched in 2007, Politico reshaped Washington coverage with its blanket reporting on all things political, rapid-fire blog posts, morning email blasts and in-depth tracking of elections and legislative happenings. That later paved the way for a move toward events and high-price subscription services.

Axel Springer teamed up with Politico in 2014 to launch Politico’s European edition the following year in a 50/50 joint venture. The operation is based in Brussels with offices throughout the continent.