Politico to be sold to Axel Springer for more than $1 billion

Source: CNN

“Axel Springer, the German media conglomerate, has agreed to buy the Washington-based Politico franchise for more than $1 billion. Politico’s tech news sibling Protocol is also included in the deal, which was announced Thursday morning. … Politico’s current owner, Robert Allbritton, said he decided to sell because ‘it became steadily more clear that the responsibility to grow the business on a global scale, to better serve the audience and create more opportunities for our employees, might be better advanced by a larger company with a significant global footprint and ambitions than it could be by me as owner of a family business.’ Allbritton will remain publisher of Politico and Protocol. Furthermore, ‘the editorial and management leadership teams of Politico in the U.S., Politico Europe and Protocol will remain in place,’ Axel Springer said, operating separately from Axel’s other brands like Insider and Morning Brew.” (08/26/21)