In Mathias Döpfner’s 2023 book Dealing with Dictators, the chief executive of the German media company Axel Springer SE proposed a fix for western democracy: states that respect the rule of law should stick together and prioritise trading with each other. Better that, he declared, than indulging the illusion that doing business will tame “self-styled strongman leaders”.

So it came as quite the surprise when last month Hungary’s prime minister, Viktor Orbán, was given a prominent opinion article in Welt am Sonntag, less than four weeks before the riskiest elections of the rightwing populist’s career. “It caused a lot of strong irritation,” said a former editor at the Springer-owned broadsheet.

Long a powerful and polarising force in Germany’s postwar media landscape, Axel Springer is now aiming to become a major player in the transatlantic sphere. In 2021 it added the US-European outlet Politico to its large portfolio of German titles, and is buying the UK’s Daily Telegraph in a £575m all-cash deal.

Mergers and buyouts always end well.