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