BERLIN, Sept 19 (Reuters) - German media empire Axel

Springer will be split in two under a deal between CEO Mathias

Doepfner and private equity firm KKR, the company said

on Thursday, securing the billionaire chief executive's control

over news titles Bild and Politico.

Axel Springer's profitable classifieds businesses are to

become separately held entities under U.S. firm KKR and CPP

Investments' majority ownership, the German media group said in

a statement.

The two sides had reached a deal in the summer to split Axel

Springer, a source told Reuters on Saturday.

The deal currently values the whole company at 13.5 billion

euros ($14.95 billion) with the classifieds business accounting

for the lion's share of around 10 billion euros, sources told

Reuters.

That would be around double the value given for the group

when KKR entered as a strategic investor five years ago in a

deal that preceded Springer's delisting in 2020.

Axel Springer said a final agreement on the split was

expected in the coming months, with the transaction expected to

close in the second quarter of next year.