Axel Springer reached an agreement to buy Politico, the German publisher announced on Thursday.
As part of the deal, Axel Springer will receive the remaining 50% of its current joint venture, Politico Europe, as well as the Protocol technology news website from current Politico owner Robert Allbritton.
The acquisition of Arlington-based political news, Va, “will complement and strengthen Axel Springer’s portfolio with an authoritative voice that offers an internal perspective and analysis of politics and politics in Washington DC, the United States and beyond. the world, ”Axel Springer said. in a deal announcement.
The two companies did not disclose the sale price, but several reports to own suggested the deal was to go up $ 1 billion.
“Politico’s exceptional team has altered digital political journalism and set new standards,” said Mathias Döpfne, CEO of Axel Springer. “A true North Star. It will be a privilege and a special responsibility to help shape the future of this leading media company. Quality objective journalism is more important than ever and we believe in the need for editorial independence and “This is crucial for our future success and accelerated growth.”
Allbritton said his time as the brand’s owner of news and politics “has been the journey of a lifetime.”
“As Politico has prospered in recent years, accompanied by the successful launch of the Protocol, it became increasingly clear that the responsibility to grow the business on a global scale, better serve the audience and create more opportunities for our employees, could be better advanced by a larger company with a significant global footprint and ambitions than it could be for me as a family business owner, ”he said.
“As I have often said, I would only welcome a new investor who reflects my values and the distinctive values of the Politico company. Axel Springer and Mathias Döpfner and their team meet this test better than any other media company. “I look forward to working with you as editor of Politico and Protocol as we reach even greater heights.”
The sale comes as Politico works to further spread its influence and footprint in Washington, DC and the international media.
Late last year, the company acquired E&E News, a niche political outlet that covers energy and the environment. With rumors of an impending sale swirling in recent weeks, Axios reported earlier this month that some Politico employees were pondering the idea of unionization.
The company now employs more than 700 people in the United States and Europe, publishing an average of 3,000 stories and getting 54 million unique visitors to its website each month.
Updated at 9:25 p.m.