German media company Axel Springer SE agreed to take over Business Insider Inc. for US$343 million, Bloomberg reported.
Axel Springer said Tuesday it is purchasing 88 percent of the news site, boosting its stake to about 97 percent.
Amazon.com Inc. founder Jeff Bezos will own the remaining 3 percent of the New York-based site, which has 76 million monthly unique visitors.
The acquisition of Business Insider, founded by former Wall Street analyst Henry Blodget, the site’s editor-in-chief, makes Berlin-based Axel Springer a major provider of English-language business news while also sharpening its focus on digital operations.
In July, the publisher lost out in a bid for the Financial Times to Nikkei Inc., which is paying US$1.3 billion to acquire the British newspaper from Pearson Plc.
“New digital media companies are being built, and we definitely want to be a player,” Axel Springer chief executive Mathias Doepfner said on a call after the announcement.
“With Business Insider we have laid the foundation to achieve that.”
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