Axel Springer announced Wednesday it has completed a financial transaction to increase its ownership position from majority shareholder in Morning Brew Inc. to sole owner.
Terms were not disclosed. Morning Brew is on track to surpass $70 million in annual revenue in 2025.
German-based Axel Springer, which also owns Business Insider, acquired a majority stake in the newsletter company in 2020.
Morning Brew co-founder and CEO Austin Rief would step down as CEO and transition to a role as executive chairman of the company where he will continue to help guide the business through its next stage of growth as a trusted partner and advisor to the leadership team.
Robert Dippell, who previously held the role of chief revenue officer and chief operating officer at the company, has been named CEO effective immediately.
Devin Emery has also been elevated to president from his previous role as Chief Content Officer.
In the 10 years since Rief co-founded Morning Brew as an undergraduate at the University of Michigan, what began as a single newsletter to educate friends on the latest business news has grown into a diversified business publication and digital media company.
