The German media giant Axel springer has increased their stake to 88% in Business Insider. The company has acquired the online entertainment business news publication for $ 343 million.
The acquisition is waiting for regulatory approval. After its approval Axel Springer is said to own 97 percent and the remaining shares will be with Amazon founder Jeff Bezos personal investment company, Bezos Expeditions.
Axel Springer had tried earlier to buy Pearson’s, Financial Times. However they were outbid by Japan Nikkei for $1.3 billion. BI does have a strong youth based readership such as BuzzFeed and Mashable. In which it will push Axel Springer to unlock new verticals in storytelling.
