Business

Bild owner Axel Springer to buy Business Insider

Mathias Doepfner Image copyright Getty Images
Image caption Mathias Doepfner: Business Insider is an "essential component" of Axel Springer's strategy

German publisher, Axel Springer, has agreed to buy a controlling stake in the US news website Business Insider.

Axel Springer is one of Europe's largest digital publishing houses, owning multimedia titles such as BILD, WELT, and FAKT.

The company said Business Insider was "vital" in its strategy to broaden its global reach.

Axel Springer, which failed to buy London's Financial Times in July, is paying $343m (£226m) for an 88% stake.

Business Insider was launched in 2007 by the former Wall Street analyst Henry Blodget.

Its focus on younger audiences puts it in the same market as larger youth media outlets like Buzzfeed and Huffington Post.

Expansion

Adding Business Insider's 76 million visitors will increase Axel Springer's global audience by two-thirds, making it the sixth largest digital publisher.

Axel Springer's chief executive Mathias Doepfner said: "Henry Blodget's way of digital storytelling reaches the decision-makers of tomorrow.''

"The transaction is an essential component of Axel Springer's strategy to grow with digital journalistic offerings in English-language geographies".

It lost out in its attempt to buy the Financial Times to the Japanese media firm Nikkei which paid £844m for the London based group.

Axel Springer now owns 97% of Business Insider with the remaining shares held by Amazon founder, Jeff Bezos, through a personal investment company.

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