(Bloomberg) — German billionaire Mathias Döpfner and KKR are nearing a deal to split up the media giant Axel Springer, the Financial Times reports.

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Both sides are expected to discuss the proposed structure of a deal that would give KKR majority control of the company’s profitable classifieds business at a meeting of its supervisory board on Thursday, the FT reported, citing four unidentified people familiar with the matter.

The deal values the whole company at €13.5 billion ($15 billion), including more than €10 billion for the classifieds business, the FT said. It has already been discussed several times at previous board meetings, two of the people told the FT.

A deal would enable Döpfner, who has served as CEO since 2002, to cement his control over the company’s media outlets, the FT said. They include the US news sites Politico and Business Insider as well as the German tabloid Bild and its broadsheet sister Die Welt.

Axel Springer and KKR declined to comment to the FT.

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