One German media group has its eyes on the prize. Axel Springer agreed to pay $343 million to Business Insider, now controlling 88 percent of the company, according to USA Today. Amazon CEO Jeff Bezos still owns 3 percent of Business Insider, and will retain his share even with Axel Springer holding the controlling interest.
As one of the largest online media organizations, this acquisition of Business Insider will help Axel Springer grow exponentially. The company sees 76 million views per month, and now Axel Springer will have access to this readership, according to Bloomberg.
In the words of Mathias Doepfner, CEO of Axel Springer, this acquisition puts "Axel Springer on our way to becoming a leading digital publication," according to Bloomberg.
This isn't the first acquisition for the German media company, Axel Springer, acquiring stakes in publications like Mic and Ozy in the last few years. This acquisition, however, is its biggest and most high-profile, according to CNN Money. Earlier this year, the company also partnered with the media publication, Politico, based in Washington D.C.
Henry Blodget, founder, CEO and editor-in-chief of Business Insider will remain a part of the company, as will Julie Hansen, president and chief operating officer, according to USA Today.
