08:19 AM EDT, 09/19/2024 (MT Newswires) -- KKR (KKR) and German billionaire Mathias Dopfner have agreed to split Axel Springer into two, the German media company said Thursday.

Under the new corporate structure, Axel Springer's media assets - including BILD, Business Insider, POLITICO, and WELT - will remain privately owned by Friede Springer and Dopfner, who will jointly hold close to 98% ownership. Axel Springer will operate as a fully private company.

The classifieds businesses - including StepStone, AVIV Group, and finanzen.net - will become separate joint ventures under the majority ownership of KKR and CPP Investments, with Axel Springer retaining a minority stake.

The restructuring is expected to close in Q2 2025, pending regulatory approvals.

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