A high-flying German media giant is ahead on digital media but seems stuck in the past when it comes to the workplace and deal-making.
Politico, the 15-year-old digital media company covering politics and policy, is being sold to German publishing giant Axel Springer. The price was more than $1 billion, according to a source familiar with the terms. Axel Springer also will also acquire the remaining 50% share of its joint venture Politico Europe, and the tech news website Protocol from current owner Robert Albritton.
Robert Allbritton, the owner of Politico, is weighing a lucrative payday against maintaining full control over a widely read Washington news site.
German media conglomerate Axel Springer is in talks to acquire Axios, according to people familiar with the matter, continuing a consolidation of the digital media sector. Axel Springer already owns Business Insider and is an investor in Group Nine Media, owner of digital sites such as The Dodo and news site NowThis.
Axel Springer has bought Business Insider in a deal valuing the pureplay at $442 million. The deal sets a new high water mark for a native digital publisher sale and marks a comeback for CEO Henry Blodget, a former analyst once banished from Wall Street whose reinvention as a publisher is validated in the deal.