Politico sells to German publishing giant Axel Springer in deal worth about $1 billion

German publisher Axel Springer announced Thursday that it plans to acquire digital media site Politico. The companies did not disclose a price for the deal, but a person familiar with the matter said Politico sold for about $1 billion.

Spokespeople for Axel Springer and Politico did not respond to a request for comment on the deal’s valuation.

The acquisition grows the publishing group’s portfolio in the U.S. further, adding to its ownership of Insider and Morning Brew. Axel Springer is the German publishing giant behind major news outlets like Bild and Die Welt in that country. It recently went private and continues to invest in U.S. digital media companies.

Axel Springer and Politico were already in a joint venture partnership since 2014, when Politico Europe launched, according to a press release. That news site has been profitable since 2019, the announcement said.