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German Media Giant, Axel Springer Spends $442 M To Buy Business Insider

The German publishing power house Axel Springer made an announcement today that it has acquired New York City based business news publisher Business Insider for $442 million.

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Business Insider has an audience of over 70 milllion unique visitors every month, this will be wonderful to Axel Springer were by it will be able to grow its reader base to approximately 200 million globally.

Axel Springer already owns 9 percent.

Today it has signed an agreement to purchase an addition of 88 percent of Business Insider’s shares , holding the majority stake of 97 percent and this will make it to be one of the largest news publishers in the whole world.

The $442 million is the purchase price cash valuation of 100 percent of Business Insider, so Axel Springer has acquired 88 percent shares and paid $343 million, so the CEO of Amazon, Jeff Bezos will take over the remaining shares.

The acquisition of Business Insider means that the German Media Giant will now expand its online reader base and its digital business journalism will be boosted world wide especially in English speaking countries, according to the CEO of Axel Springer, Mathias Döpfner.

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