Axel Springer and Facebook said on Monday that they had agreed on a global cooperation deal under which content from the German publisher will be featured on the social network and its Facebook News product. The agreement reels in the last big holdout in Germany after Facebook signed up a string of publishers in March to provide content for its local news product on terms the publisher of the Bild tabloid dismissed at the time as derisory. Mathias Doepfner, CEO of privately-held Axel Springer, described the cooperation deal as "a strategic milestone for us as a publisher and for the industry as a whole".
Facebook signed up a string of German media partners on Monday to provide content for a local news product, but the publisher of the country's best-selling newspaper said it would not take part on terms it dismissed as derisory. Described as a "dedicated venue for journalistic content", Facebook News will feature reporting from heavyweight weeklies Die Zeit and Der Spiegel, and daily newspapers including the Frankfurter Allgemeine Zeitung, Handelsblatt and Tagesspiegel. "Part of our user base wants to read more news," Jesper Doub, Facebook's director of news partnerships in Europe, told reporters.
Berlin-based early-stage fund APX today announced that its two investors, European publisher Axel Springer and sports car maker Porsche, have increased their investment in the fund to a total of €55 million. With this, APX, which launched in 2018, is now able to deploy up to €500,000 in pre-Series A seed funding per company. When APX launched, the fund didn't disclose the total investment from Porsche and Axel Springer.