Axel Springer Buys Business Insider

Peter Kafka, reporting for Recode:

Earlier this year, German publisher Axel Springer tried and failed to buy the Financial Times. Now it’s acquiring Business Insider.

This is the deal we told you about last week; Springer is announcing it today. The deal values Business Insider at $442 million — we had previously told you it would peg the site’s value at $560 million — but Springer already owned 9 percent of the company, and Amazon CEO Jeff Bezos, who had previously put his own money into the company, will leave it in there. When factoring out the cash still on the books, the value comes down to $390 million. Springer will end up writing a check for $343 million when the deal closes; it says Business Insider has 76 million readers and 325 employees worldwide.

Tuesday, 29 September 2015