Business Insider has a new owner.
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 business publication.
Axel Springer already owned a stake of about 9%. Tuesday’s deal values Business Insider at about $390 million.
“With the acquisition of Business Insider, we continue with our strategy to expand Axel Springer’s digital reach and, as previously announced, invest in digital journalism companies in English-speaking regions of the world,” Axel Springer CEO Mathias Döpfner said in a statement.
Axel Springer said Business Insider’s 76 million unique monthly visitors will increase its worldwide digital audience by two-thirds to about 200 million users.
Henry Blodget, the founder and editor-in-chief of Business Insider, will stay in his role.
