German media company Axel Springer SE agreed to buy an 88 percent stake in Business Insider Inc. for $343 million.
Axel Springer already owns a 9 percent stake in New York- based Business Insider, which runs the businessinsider.com website with 76 million monthly unique visitors, Berlin-based Springer said in a statement Tuesday. The deal is subject to approval by antitrust authorities.
Business Insider, co-founded in 2007 by current Chief Executive Officer Henry Blodget, the controversial former dot-com stock analyst, as a Web-only business publication, now has seven additional editions outside the U.S., including in the U.K, Australia and Singapore. In July, it introduced a new tech-focused standalone website called TechInsider. Amazon.com Inc. founder Jeff Bezos is also an investor in Business Insider after leading a group of investors who bought a $5 million stake in 2013.
"The transaction is an essential component of Axel Springer’s strategy to grow with digital journalistic offerings in English-language geographies," Springer said in its statement.
Business Insider has raised more than $55 million in venture capital backing from firms including Axel Springer, Institutional Venture Partners, RRE Ventures, Jeff Bezos, Marc Andreessen and others.
Other business media properties have attracted dealmaker interest over the years, including SourceMedia, Mergers & Acquisitions' publisher, which was acquired by Observer Capital in August 2014. In October, UCG bought Thomson Reuters' venture capital and private equity media assets, including PEhub.
--Additional reporting by Allison Collins