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KKR & Co. Inc. (NYSE:KKR) shares are trading higher Friday by 0.86%, less than 24 hours after news broke that the private equity group is discussing whether to split media conglomerate Axel Springer.
What Happened: KKR is reportedly in talks with German billionaire and Axel Springer CEO Mathias Döpfner about separating its media assets from the digital classifieds business.
Döpfner and Friede Springer, the widow of the company’s founder, would reportedly gain increased control over the conglomerate’s media assets.
The media assets under discussion include U.S. news sites Politico and Business Insider, as well as German publications Bild and Die Welt. Meanwhile, the report read that KKR and Canada Pension Plan Investment Board, the largest shareholders in Axel Springer, would assume control of its classified websites such as StepStone and Aviv.
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Why It Matters: The potential division occurs as Döpfner intensifies efforts to expand U.S. media influence. For example, the billionaire is said to be interested in acquiring the Wall Street Journal from Rupert Murdoch‘s News Corp, should it become available for sale.
Axel Springer’s 2021 acquisition of Politico for $1 billion was its largest ever. Prior attempts to acquire the Financial Times in 2015 were unsuccessful.
Axel Springer’s classifieds business is more profitable and grows faster than its media operations. Controlling this unit could facilitate KKR’s exit from its investment, initiated five years ago when partnering with Döpfner to privatize Axel Springer.
Due to the higher value of the classifieds business compared to the news publications, Döpfner’s team might receive cash or a minority stake in the KKR-led entity.
Price Action: KKR shares were trading higher by 0.33% to $109.76 at last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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