Axel Springer buys Business Insider

German publisher Axel Springer, which lost out to Japan's Nikkei in the race to buy the Financial Times two months ago, is paying $343 million for an 88 percent stake of online publication Business Insider.

Axel Springer already owned a 9 percent stake. Yesterday's deal values Business Insider at $390 million.

With the purchase, Axel Springfield increases its worldwide digital audience by two-thirds to 200 million users.

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