German Publisher To Acquire Politico

German publisher Axel Springer announced Thursday that it plans to acquire digital media site Politico. The companies did not disclose a price for the deal, but early reports value it at about $1 billion.

The acquisition grows the publishing group’s portfolio further, adding to its ownership of Insider and Morning Brew.

Axel Springer and Politico were already in a joint venture partnership since 2014, when Politico Europe launched, according to a press release. That news site has been profitable since 2019, the announcement said.

Axel Springer was reportedly in talks to buy Politico’s rival Axios earlier this summer.

Politico founder and publisher Robert Allbritton will continue in that role for both Politico and sibling tech site Protocol, according to CNBC citing a press release. The companies said its editorial and management leadership teams at Protocol and in the U.S. and Europe at Politico would remain and operate the publications independently from Axel Springer’s other U.S. brands

The companies expect the deal will close in the fourth quarter of this year.