Digital publisher Axel Springer acquires Business Insider
The deal expands Axel Springer’s digital monthly audience by a third to nearly 200 million.
Axel Springer SE has agreed to purchase Business Insider in a $442m deal which will help the European publisher extend its global reach.
The deal will see Axel Springer take control of an additional 88 per cent of the shares in New York City-based Business Insider, adding to the 9 per cent which it already owned.
Following the deal Axel Springer SE’s digital audience will increase by a third, meaning its unique monthly visitors will grow from 76 million to 200. The growth will see it ranked among the world’s six largest digital publishers in terms of reach.
Henry Blodget, founder, chief executive officer and editor-in-chief, and Julie Hansen, chief operating officer and president, will continue to lead Business Insider in their respective roles.
Mathias Döpfner, CEO of Axel Springer SE said the acquisition would allow it to “continue with our strategy to expand Axel Springer’s digital reach and, as previously announced, invest in digital journalism companies in English-speaking regions of the world”.
Blodget described the deal as a “pleasure and privilege to join forces with such a smart, forward-thinking team2 and added that it was “looking forward to working together to build a major global news organization for the digital century".