German Publisher Axel Springer Close to Buying Business Insider

Axel Springer, a German publisher, is looking to buy Business Insider for $560 million.

axel-springer-business-insiderAxel Springer is reportedly planning to purchase Business Insider within the new few weeks. The publisher already holds a small stake in the news publication, which was valued at $200 million when that investment was made. Business Insider saw revenue grow about 70% in 2014 from the $20 million reported in 2013, reports USA Today.

Axel Springer is reportedly trying to acquire more English-speaking news publications. It already made attempts to acquire the Financial Times and AOL (AOL), both of which failed. It’s current stake in Business Insider is 8%, Financial Times notes.

Axel Springer’s possible efforts to acquire Business Insider is also likely part of a plan to obtain more digital publications. Other media companies are doing the same in what is likely an attempt to get a stronger foothold in the digital media business, reports USA Today.

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