Germany's Axel Springer Completes Purchase Of Politico

German publishing group Axel Springer said on Tuesday it has completed the purchase of US media company Politico, Deutsche Presse-Agentur (dpa) reported.

Photo Insert: Axel Springer, Germany

"The transaction was completed following receipt of all required regulatory approvals and pursuant to the terms of the agreement previously announced on August 26, 2021," an Axel Springer statement said.

Politico will complement Axel Springer’s portfolio as a "central asset in the firm’s already strong presence in the dynamic and increasingly diverse US media market," the statement said.

According to the publishing group, the Politico purchase is the largest corporate acquisition in the company's history. It is now the 100 percent owner of the media properties previously owned by Robert Allbritton.

A purchase price was not disclosed. When the deal was announced in August, US media reports said Politico was sold for $1 billion. The flagship of the US media group is the digital journalistic brand of the same name, Politico, which mainly reports on political topics and policy issues driving debate in Washington.

It also has a European edition based in Brussels. "We have always believed deeply in the digital journalism business model and Politico is a prime example of how to make it work," Axel Springer CEO Mathias Doepfner said.

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