Insider Inc., the parent company to Business Insider, closed an all-cash deal Thursday to buy a majority stake in Morning Brew, a media startup that focused on business newsletters and podcasts, reports Sara Fischer of Axios.
Fischer reports, “The deal values Morning Brew at around $75 million, sources tell Axios.
- The Morning Brew co-founders will retain a sizeable minority stake, and have an earn-out clause built into the deal which encourages them to stay and grow the business long-term.
- “We are incentivized to be profitable and to grow quickly,” co-founder Alex Lieberman tells Axios.
- Lieberman and co-founder Austin Rief will sit on a small, newly-created Morning Brew board that will also include Insider Inc. co-founder and CEO Henry Blodget.
“Deal structure: The Morning Brew brand will remain fully intact and the business will operate completely independently within Insider Inc., which is parent to Business Insider and a paid research division, which includes eMarketer.”
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