German Publishing Giant Axel Springer Buys U.S. Politico Media Group

The German media conglomerate Axel Springer has announced it is buying the US media group Politico, Deutsche Presse-Agentur (dpa) reported.

Photo Insert: Axel Springer, Berlin, Germany

It will be the largest corporate takeover in the company's history, Springer said in Berlin.

An agreement for the complete acquisition was signed with Politico founder Robert Allbritton on Thursday. Springer declined to disclose the price it was paying for the US group when asked.

The best-known part of the US media group is the digital journalism brand of the same name. The deal reportedly still needs to be approved by regulators, though Springer said it expects the transaction to take place in the fourth quarter of this year.

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