Politico Sold for Billion-Plus to German Publishing Giant

Politico, the digital media company covering politics and policy based in Arlington, VA, is being sold to German  publishing giant Axel Springer for more than $1 billion, according to a source familiar with the terms. Axel Springer also will acquire the remaining 50 percent share of its joint venture Politico Europe, and the tech news website Protocol from current owner Robert Albritton.

The deal is subject to regulatory approval, with closing expected in the fourth quarter of this year.

The acquisition marks a further reach by Axel Springer into the U.S. market, as it already has Insider and Morning Brew as part of its portfolio, reports Deadline.

More here.