Deals
Springer Accelerates U.S. Push With $1 Billion Politico Deal
- Media company has been investing in digital publishers
- Online media consolidates as ad revenue goes to tech giants
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German media giant Axel Springer SE has agreed to buy Politico, stepping up its campaign to build a U.S. news empire.
Springer is paying more than $1 billion for the deal, according to a person familiar with the matter, who asked not to be identified because the details are private. The company is also acquiring the 50% it doesn’t already own in Politico Europe, as well as the tech news website Protocol, it said in a statement Thursday. The deal is set to close in the fourth quarter.