Springer expands digital business with million-euro acquisition
Shortly after the failed takeover of the Financial Times, Axel Springer Verlag is making another major acquisition in the English-language market.
The publishing house is increasing its stake in the US business and news portal Business Insider from around nine percent to around 97 percent. This will cost the Germans 343 million dollars. "With the acquisition of Business Insider, we are continuing our digital growth strategy and, as announced, investing in digital journalistic companies in the Anglo-American region," said Springer CEO Mathias Döpfner. The remaining three percent will be held by Amazon CEO Jeff Bezos via an investment company. According to the publisher of Bild and Welt, the takeover will increase its global digital reach to around 200 million readers. Axel Springer has thus become one of the six digital publishers with the widest reach in the world.
Business Insider, which was founded in 2007 and is based in New York with around 325 employees, is one of the leading business portals with 76 million users (unique visitors) worldwide every month. It has set new standards in digital business journalism, said Döpfner. Founder and Editor-in-Chief Henry Blodget and Julie Hansen, Chief Operating Officer and President, will continue to lead Business Insider in their current roles. (SDA)
