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German publisher Axel Springer acquires Politico

German publishing giant Axel Springer has acquired Politico, according to a news release out Thursday.

Why it matters: The deal is valued at about $1 billion, per CNN, making it one of the most expensive media merger deals of late. Axel Springer also acquired the remaining 50% of the two companies' joint venture, Politico Europe, and the tech news website Protocol from publisher Robert Allbritton.


What they're saying: “POLITICO’s outstanding team has disrupted digital political journalism and set new standards. A true North Star. It will be a privilege and a special responsibility to help shape the future of this outstanding media company," Axel Springer CEO Mathias Döpfner stated in the release.

Our thought bubble, from Axios' Dan Primack: Axel Springer, backed by private equity giant KKR, will be the first outside owner for Politico which, unlike many of its VC-backed peers, has always been owned and controlled by billionaire Robert Allbritton. The announcement also comes on the same morning as Forbes agreed to be acquired by a SPAC.

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11 days, 8 calls and a ceasefire: Inside Biden's response to the Gaza crisis

Before 11 days of fighting in the Gaza Strip ended in a ceasefire, President Biden held six phone calls with Israeli Prime Minister Benjamin Netanyahu, one with Egyptian President Abdel Fattah al-Sisi and one with Palestinian President Mahmoud Abbas.

Behind the scenes: To get the inside story of those phone calls, President Biden's strategy, and the path to a ceasefire, Axios spoke to three U.S. and Israeli sources who were deeply involved in the diplomacy. They requested anonymity to speak freely.

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Supreme Court clears way for first federal execution since 2003

The Supreme Court ruled early Tuesday that federal executions can resume, reversing a lower court decision and paving the way for the first lethal injection since 2003 to take place at a federal prison in Indiana, AP reports.

The big picture: A lower court had delayed the execution, saying inmates had provided evidence the government's plan to carry out executions using lethal injections "poses an unconstitutionally significant risk of serious pain."

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Department stores race to attract younger shoppers

Companies see Gen Z as the next big cash cow. Struggling department stores are now getting into the race to court them.

What’s new: Nordstrom said Monday it notched a deal with ASOS — the online, budget-friendly fashion house that's laser-focused on young shoppers and boasts millions of active customers.

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Heat wave engulfs the West as Death Valley hits 130 degrees

About 30 million people are under excessive heat warnings or advisories as a heat wave sweeps the Western U.S., bringing potentially record-high temperatures on Sunday, according to the National Weather Service.

Why it matters: The heat wave comes after some regions in the Pacific Northwest saw temperature records shattered last month, with the same "heat dome" effect that is engulfing the West now, the New York Times reports. Human-caused climate change has exacerbated the frequency of these extreme heat events.

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