Politico announced Tuesday it has partnered with a German media company to launch a European edition.

Axel Springer, which is based in Berlin, and the Washington, D.C.-centered Politico forged a "50-50 joint venture," according to a memo from Politico founders Jim VandeHei and editor-in-chief John Harris sent to Politico staff.

"This is the start of a very important project for us, and we will have many details to share in the weeks ahead," VandeHei and Harris wrote. "We can tell you this is a 50-50 joint venture with Axel Springer and will cover not just Brussels but European politics and policy more broadly. ... This partnership is aimed at exploring journalistic opportunities in Europe and is being set up as a stand-alone enterprise."

Rumors about a Brussels-based version of Politico had been swirling for months. The new venture will be headquartered in the Belgian capital.

"Axel Springer is a highly impressive, highly ambitious company that shares our obsession with building media companies that produce and can sustain nonpartisan journalistic excellence," VandeHei and Harris wrote. "They do about $3.6 billion in annual revenue and house a number of digital start-ups in their Berlin-based offices. We are excited to join forces with them."

Founded in 1946, Axel Springer has a presence in more than 40 countries, according to a press release.  Politico was formed in 2007 by Robert Allbritton, VandeHei, and Harris.

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