German publisher Axel Springer and investment firm KKR are close to a $13.5 billion break-up deal to break up the media giant. The Financial Times reported.
The two sides are due to meet at a supervisory board meeting on Thursday to discuss the proposed structure of a deal that would give KKR majority control of the company's profitable division, people familiar with the matter told the outlet.
The deal values the company at $13.5 billion, with more than $10 billion of that being allocated to the advertising business.
The split had already been in discussion and was first reported by the Financial Times in July.
If the two companies reach an agreement, German billionaire Matthias Döpfner would take control of the company's media and German publications, including Politico and Business Insider.
The media said the split would free KKR from the controversy that has dogged Axel Springer's business, including allegations of sexual harassment and editorial interference.
Axel Springer acquired Politico in 2021 for an undisclosed amount, but the deal was reportedly worth more than $1 billion. The company acquired Business Insider in 2015.
