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Axel Springer eyes controlling stake in Business Insider: Manager Magazin
September 17, 2015 / 1:09 PM / 2 years ago

Axel Springer eyes controlling stake in Business Insider: Manager Magazin

FRANKFURT (Reuters) - German publisher Axel Springer (SPRGn.DE) may want to increase its current 7 percent stake in U.S. news website Business Insider, German Manager Magazin reported on Thursday.

The logo of the German publisher Axel Springer is seen outside its headquarters in Berlin August 7, 2013. REUTERS/Thomas Peter

Citing unnamed financial sources, the magazine said the publisher of Europe’s biggest daily newspaper, Bild, was willing to pay around 500 million euros for a controlling stake, without elaborating.

Springer, which earlier this year missed out on buying the Financial Times newspaper from Pearson (PSON.L), has said it wants to invest more in digital assets.

In January, Springer was the lead investor in a $25 million investment round in Business Insider.

A number of Silicon Valley and other angel investors hold stakes in Business Insider.

Axel Springer also owns half of the European edition of online news service and magazine Politico. The publisher’s Chief Executive, Mathias Doepfner, told Manager Magazin that he had no comment on a bigger stake in Business Insider.

An Axel Springer spokeswoman also declined to comment and would not confirm that Springer currently owns 7 percent of Business Insider.

Reporting by Harro ten Wolde; Editing by Susan Fenton

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