Business Insider Australia to remain unchanged despite sale to German publisher Axel Springer

Business InsiderGerman publisher Axel Springer has bought an additional 88 per cent stake in Henry Blodget’s Business Insider, which is run by Allure Media locally, for $343m.

The deal takes Axel Springer’s stake in the company to 97 per cent with the remaining three per cent owned by the personal investment vehicle of founder Jeff Bezos, Jeff Bezos Expeditions.

Allure Media CEO Jason Scott told Mumbrella that Business Insider Australia “will keep doing what we’re doing, representing Business Insider’s brand, and delivering content innovation, with the same determination and commitment to our audience and commercial partners as we have done in Australia since early 2013.”

“Sometimes in business companies get bought, and for different reasons. In this case, and as with the Fairfax acquisition of Allure Media a couple of years back, it’s an acquisition by a buyer who is excited and positive about the future of the company,” Scott said.

“This transaction brings together two companies with a shared innovative spirit and commitment to engaging digital journalism.

“Business Insider’s journalistic quality, digital-native approach to storytelling and success at delivering news through social and mobile channels remains unchanged both globally and locally.”

Blodget will continue to lead Business Insider as CEO and editor-in-chief alongside COO and president Julie Hansen.

Axel Springer SE CEO Mathias Dopfner said in a statement: “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. Business Insider has set new standards in digital business journalism globally.

“Henry Blodget’s way of digital storytelling reaches tomorrow’s decision-makers. Combining our forces will allow us to unlock growth potential and expand Business Insider’s portfolio to new verticals, new locations and new digital content. We look forward to working together with Henry Blodget, Julie Hansen and the exceptional Business Insider team to continue shaping the future.”

Axel Springer owns the daily German broadsheet newspaper Die Welt and tabloid Bild.

Business Insider launched in Australia in March 2013 with Paul Colgan as launch editor.

Miranda Ward



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