Politico, the Beltway media company founded by two Washington Post alum in 2007, has sold to German digital publishing house Axel Springer for $1 billion, Wall Street Journal media reporter Ben Mullin reports. Axel Springer said its purchase of the political news website from owner Robert Allbritton will include the remaining 50 percent share of its joint venture Politico Europe, and the tech news site Protocol. The acquisition is one of the most expensive media mergers of all time and adds significant value to Politico, which makes about $200 million a year in revenue.
Axel Springer’s titles include Insider and Morning Brew publications, as well as European titles like German tabloid Bild. Allbritton will reportedly continue as publisher of Politico and Protocol.
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