“America has become the main heart chamber and the growth engine of our publishing business,” says Mathias Döpfner.
Springer already owns Politico, an American website for political news junkies, Insider, another news site, and Morning Brew, which offers business news.
Springer already owns Politico, an American website for political news junkies, Insider, another news site, and Morning Brew, which offers business news.
Sales by Axel Springer, which owns 150 media brands in more than 40 countries, increased by 13% to €3.9 billion, the second straight year of double-digit growth.
Digital activities accounted for 85% of revenues and more than 95% of profits.
While many American rivals were shedding staff, Axel Springer hired 400 journalists in America in 15 months to shore up its newsrooms.
While many American rivals were shedding staff, Axel Springer hired 400 journalists in America in 15 months to shore up its newsrooms.
The next step is to take StepStone public, maybe this year, followed by Aviv, Idealo and Awin. The money from the sales could then be used to buy out KKR, the American private-equity giant which took Springer private in 2019 and became its biggest shareholder, with a 35.6% stake.
Döpfner paid more than $1bn for Politico, Springer’s biggest-ever acquisition, and top dollar for Insider, too. Although both made money last year, it may be a while before Springer sees a return on those investments.
Springer’s American rivals will not cede ground to it willingly, either.
Two months after his Politico acquisition, the New York Times ran a story headlined “At Axel Springer, Politico’s New Owner, Allegations of Sex, Lies and a Secret Payments”.
Two months after his Politico acquisition, the New York Times ran a story headlined “At Axel Springer, Politico’s New Owner, Allegations of Sex, Lies and a Secret Payments”.
Loading suggestions...