Axel Springer Buys Business Insider for $343 Million

The German publisher expands its empire.

Axel Springer has purchased a majority stake of Business Insider for $343 million. The German publisher previously owned nine percent of BI, so this payment accounts for the remaining 88 percent for a total of 97 percent of the company. Amazon’s Jeff Bezos owns the other 3 percent.

Henry Blodget, who founded BI in 2007, will remain CEO and editor-in-chief. COO and president Julie Hansen will also keep her role.

“We have tremendous respect for Axel Springer’s commitment to independent journalism and its global vision for the future,” said Blodget, in a statement. “It is a pleasure and privilege to join forces with such a smart, forward-thinking team. We look forward to working together to build a major global news organization for the digital century.”