Axel Springer Implements New Corporate Structure

Axel Springer becomes a family-owned transatlantic media company KKR and CPP Investments become majority shareholders of the classifieds businesses Julian Deutz appointed new CEO of AS Classifieds GmbH

Axel Springer SE ("Axel Springer") has implemented a new corporate structure as previously announced in September 2024. It has become effective by April, 29th 2025. The changes position all businesses for optimal future growth potential and success in their respective markets, strengthening Axel Springer as a transatlantic family-owned media company focused on digital journalism.

The portfolio of successful media brands in Europe and the US includes, amongst others, BILD, BUSINESS INSIDER, MORNING BREW, POLITICO and WELT as well as, in the context of the joint venture operated together with Ringier Axel Springer in Poland, FAKT, FORBES, NEWSWEEK and ONET. It also comprises the marketing companies Bonial and Idealo, as well as Awin, and the digital research company Emarketer.

KKR, through investment vehicles controlled by investment funds advised and managed by Kohlberg Kravis Roberts & Co. L.P. and its affiliates, and CPP Investments are divesting their shares in Axel Springer. Under the new structure, The Stepstone Group, one of the world's leading recruiting platforms, and AVIV, a leading European real estate platform, will operate as independent joint venture companies with KKR and CPP Investments as majority owners. Axel Springer will continue to be involved as a minority shareholder holding ten percent in both classifieds companies, thus benefiting from further value appreciation.

Following the transaction, Axel Springer is now a debt-free, family-owned media company for the first time since 1985. Its primary shareholders are Friede Springer and Mathias Döpfner, who together hold 95 percent of the shares. The remaining shares are owned by Axel Sven Springer, a grandson of the company's founder, and the Friede Springer Foundation.

Mathias Döpfner, CEO of Axel Springer, said: "The new corporate structure allows us to focus on our most important task: shaping the future of independent journalism in the free world. The company is debt-free and, for the first time since 1985, once again wholly family-owned. Thanks to the excellent cooperation with KKR in recent years, we are optimally positioned for further growth and will continue to participate in the development of the classifieds businesses through our stake."

Philipp Freise, Partner and European Co-Head of Private Equity at KKR, said: “The close partnership between Axel Springer, KKR, and CPP Investments over the past years has been a true success story. We are especially grateful to Friede Springer and Mathias Döpfner for their trust and collaboration throughout this journey, which has enabled us to guide Axel Springer back to its roots as a strong, independent, family-owned media company while positioning it ideally for the future. We look forward to continuing our collaboration and supporting the dynamic growth of Stepstone and AVIV in the years ahead.”

Jan Bayer, Deputy CEO and President News Media USA of Axel Springer, will leave the Executive Board on July 31, 2025. From August 1, 2025, he will be a member of the Supervisory Board, whose chairmanship he is to take over. He will also join the shareholder boards of The Stepstone Group and AVIV. He will continue to strategically support Axel Springer's US business from Washington D.C. and New York as Executive Chairman US.

Julian Deutz Appointed CEO of AS Classifieds GmbH

Julian Deutz who will step down as President Classifieds Media at Axel Springer on May, 31, 2025, will become CEO of AS Classifieds GmbH, which will support the management of The Stepstone Group and AVIV as of June 1, 2025. Under his leadership, the classifieds businesses will continue driving their growth agenda in partnership with KKR and CPP Investments.

Julian Deutz said: “Over the years, I've had the privilege of working closely with Friede Springer and Mathias Döpfner, contributing to Axel Springer's transformation into a leading digital media company. I'm proud of the exciting journey we've been on together, particularly in developing our classifieds businesses into industry leaders. As I step into the role of CEO of AS Classifieds, I look forward to continuing the collaboration with KKR, CPP Investments, and Axel Springer, and to supporting the ongoing success of Stepstone and AVIV as they navigate the opportunities ahead.”

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About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About Axel Springer

Axel Springer is a transatlantic family-owned media company. By providing information across its diverse media brands (among others BILD, BUSINESS INSIDER, POLITICO, WELT) Axel Springer empowers people to make free decisions for their lives.

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