German billionaire Mathias Döpfner and KKR are nearing a deal to split up the media giant Axel Springer, the parent of Business Insider, reports Financial Times reporters Laura Pitel, Arash Massoudi and Ivan Levingston.
Pitel, Massouri and Levingston report, “A deal would enable Döpfner, who has served as CEO since 2002, to cement his control over the company’s media outlets. They include the US news sites Politico and Business Insider as well as the German tabloid Bild and its broadsheet sister Die Welt.
“Döpfner is expected to keep a minority stake in the classifieds division, which includes jobs platform StepStone and real estate advertising unit Aviv. So too is Friede Springer, the company’s vice-chair and widow of its founder.
“The break-up of Axel Springer would mark a new chapter in a five-year partnership in which KKR took the company private in 2019 in a deal that valued the publisher at €6.7bn. Together with the Canada Pension Plan Investment Board (CPPIB), it owns a 48.5 per cent stake in the Berlin-based business.
“KKR would gain greater control over the classifieds unit, paving the way for the New York-based firm to exit its investment.”
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