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German media group Axel Springer eyes AI acquisitions
Global Banking & Finance Review®
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BERLIN (Reuters) – German media giant Axel Springer will establish a dedicated mergers-and-acquisitions team to look at firms specialising in artificial intelligence, CEO Matthias Doepfner said in an internal podcast to employees obtained by Reuters.
BERLIN (Reuters) – German media giant Axel Springer will establish a dedicated mergers-and-acquisitions team to look at firms specialising in artificial intelligence, CEO Matthias Doepfner said in an internal podcast to employees obtained by Reuters.
The M&A competence centre “needs to entirely focus on acquisitions – early-stage acquisitions or later-stage acquisitions in AI companies – that can be, for various reasons, important or attractive for Axel Springer,” Doepfner said.
“Perhaps we make five picks and five times it doesn’t work,” Doepfner said of potential takeovers. But the strategy could also turn up Axel Springer’s next StepStone, he added.
If the market environment improves, Axel Springer aims to go public with StepStone, a popular online jobs portal, this year.
Doepfner said he is particularly interested in AI technology that seeks to disrupt Axel Springer’s business models of advertising, e-commerce and journalism.
Like StepStone, AI is a challenger to the company’s traditional newspaper business, he said.
“If somebody wants to kill journalism, OK, let us understand how and why, and let us journalists do it ourselves.”
The company, whose German newspaper titles include mass-circulation tabloid Bild, recently set its sights on the U.S. market with the acquisition of political news outlet Politico.
(Reporting by Klaus Lauer, Writing by Rachel More, Editing by Miranda Murray)
Artificial intelligence (AI) refers to the simulation of human intelligence in machines that are programmed to think and learn. AI technologies can perform tasks such as problem-solving, understanding natural language, and recognizing patterns.
Mergers and acquisitions (M&A) are transactions in which the ownership of companies, other business organizations, or their operating units are transferred or combined. This can involve merging two companies into one or acquiring one company by another.
A dedicated mergers-and-acquisitions team is a specialized group within a company focused on identifying, evaluating, and executing M&A opportunities to enhance the company’s growth and strategic objectives.
StepStone is an online job portal that connects job seekers with employers. It is known for its user-friendly interface and extensive job listings across various industries.
AI in journalism can automate content creation, analyze data for insights, and enhance audience engagement. It poses both challenges and opportunities for traditional journalism practices.
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