German publisher Axel Springer to acquire U.S. news website Politico for over $1 billion
Aug 26 (Reuters) - Axel Springer will acquire Politico in a deal that valued the U.S political news website at over $1 billion, according to a source familiar with the matter.
The companies announced the deal on Thursday but did not disclose the terms. This marked the biggest acquisition for Axel Springer to date, as the German publisher stitches together a global network of digital news operations.
The deal, in which Springer will also buy the remaining 50% share of its joint venture Politico Europe, follows its 2015 deal to buy Business Insider and a 2020 deal to buy a majority stake in business newsletter platform Morning Brew.
Robert Allbritton, the owner of Politico, will continue as the publisher of the website following the deal, which is expected to close by end of this year.
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