Tuesday, 29 September 2015

Axel Springer paid $343m for 88% of Business Insider

"German publisher Axel Springer, which lost out to Japan's Nikkei in the race to buy the Financial Times two months ago, is paying $343 million for 88% of the online publication.
Axel Springer already owned a stake of about 9%. Tuesday's deal values the eight-year-old Business Insider at $442 million, one of the highest sums ever for a standalone digital publisher.
Amazon (AMZN, Tech30) CEO Jeff Bezos, who invested in the startup several years ago, will retain a small stake. Bezos bought The Washington Post in 2013 for $250 million.
Axel Springer is a publishing giant in Europe, with holdings including the tabloid Bild and the newspaper Die Welt. It has been on the hunt for online properties."
Source:  CNN, 29th September 2015

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