September 29, 2015

Axel Springer buys Business Insider in deal which values news website at £292m

German publisher Axel Springer has bought news website Business Insider.

The company announced today it has purchased 88 per cent of shares in the site at a cost of $343m (£226m), bringing its total share from 9 per cent to 97 per cent. This means the company's value amounts to $442m (£292m).

Business Insider was founded as Silicon Alley Insider in the United States in 2007 and claims to attract 76m unique monthly users across the world. It launched its seventh edition in the UK in November last year. Axel Springer said a German edition will be launched this year, "operated by finanzen.net".

Over the world, it now employs 325 people, around half of whom are journalists.

According to Axel Springer, Henry Blodget, founder, chief executive and editor-in-chief, and Julie Hansen, chief operating officer president, will "continue to lead Business Insider in their respective roles".

Axel Springer said in a statement that the remaining 3 per cent of shares in Business Insider will be held by Bezos Expeditions, the investment company of Jeff Bezos, the founder of Amazon.

Blodget said: "We have tremendous respect for Axel Springer's commitment to independent journalism and its global vision for the future. It is a pleasure and privilege to join forces with such a smart, forward-thinking team. We look forward to working together to build a major global news organisation for the digital century."