Pillsbury is advising Perpetual Capital Partners, the holding company for Robert Allbritton’s diversified business portfolio, on the sale of influential media company POLITICO to global publishing group Axel Springer. The transaction also includes POLITICO’s remaining 50 percent share in POLITICO Europe—a joint venture established with Axel Springer in 2014—and the tech news website Protocol. The value of the deal, which is expected to close in Q4 2021, was not disclosed.
Over its 15-year history, POLITICO has emerged as one of the world’s most-influential news sources, and one of the preeminent models of successful media innovation in the 21st Century. Today, more than 500 journalists work at POLITICO and its sibling publication Protocol. POLITICO and Protocol, which was launched in 2020, help set the agenda on the most urgent issues dominating the global public policy landscape.
Allbritton, Founder and Publisher of POLITICO and Protocol, will continue as publisher of POLITICO and Protocol. The editorial and management leadership teams of POLITICO in the U.S., POLITICO Europe and Protocol will remain in place, and will continue to operate their publications separately from Axel Springer’s other brands headquartered in the U.S.
For more information, click here: Axel Springer to Acquire POLITICO
The Pillsbury deal team advising Perpetual Capital on this transaction is being led by Northern Virginia-based Corporate/M&A partner Matt Swartz. Other Pillsbury lawyers who played a crucial role in executing the deal include: