German media company Axel Springer SE agreed to buy an 88 percent stake in Business Insider Inc. for $343 million, reports Kenneth Wong of Bloomberg News.
Wong writes, “Axel Springer already owns a 9 percent 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 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 U.S., including in the U.K, 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.”
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