BackAxel Springer buys 88% of Business Insider for $343 million
The firm already owns a 9% stake in Business Insider, which runs the businessinsider.com website with 76 million monthly unique visitors
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German media company Axel Springer SE agreed to buy an 88% stake in Business Insider Inc. for $343 million.
Axel Springer already owns a 9% stake in New York-based Business Insider, which runs the businessinsider.com website with 76 million monthly unique visitors, Berlin-based Springer said in a statement on Tuesday. The deal is subject to approval by antitrust authorities.
Business Insider, co-founded in 2007 by current chief executive officer Henry Blodget as a Web-only business publication, now has seven additional editions outside the US, including in the UK, Australia and Singapore. In July, it introduced a new tech-focused standalone website called Tech Insider. Amazon.com Inc. founder Jeff Bezos is also an investor in Business Insider after leading a group of investors who bought a $5 million stake in 2013.
“The transaction is an essential component of Axel Springer’s strategy to grow with digital journalistic offerings in English-language geographies," Springer said in its statement. Bloomberg
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