German publishing group buys Business Insider new site

FRANKFURT, Germany— German publishing group Axel Springer SE says it has agreed to buy 88 percent of the Business Insider news website for $343 million.

Berlin-based Springer, publisher of the Bild newspaper in Germany, said the purchase would expand its portfolio in the English-speaking world and in the digital realm.

The website was founded by former Wall Street analyst Henry Blodget, who was quoted in an Axel Springer news release as praising Springer’s commitment to independent journalism.

Springer already held 9 percent of Business Insider, which has 325 employees, half of them journalists, and 76 million unique visitors a month. Springer CEO Mathias Doepfner said in a news release Tuesday that “Henry Blodget’s way of digital storytelling reaches the decision-makers of tomorrow.”