German publisher Axel Springer completes Politico takeover

BERLIN (AP) — German publisher Axel Springer SE says it has completed its acquisition of U.S.-based political news outlet Politico. The announcement came a day after Axel Springer ousted the top editor of its flagship publication in Germany over misconduct allegations. The removal of Julian Reichelt from his post as chief editor of tabloid Bild was seen by some commentators in Germany as a possible nod toward concerns from its majority owner, U.S. investment firm KKR. Axel Springer said in a statement that the acquisition of Politico, tech news site Protocol, E&E News and Agency IQ from founder Robert L. Allbritton was completed after it received the necessary regulatory approvals. A purchase price wasn’t announced, but German media have reported it to be about $1 billion.