German publisher Axel Springer is negotiating the takeover of Business Insider, the No. 2 financial news site after Yahoo Finance.
The Wall Street Journal reported the deal would value BI in the $500M range.
Launched in 2007 by Wall Streeter Henry Blodget, BI attracted 42.7M unique visitors in August, according to comScore, and is projected to generate more than $50M in revenues this year.
BI unveiled Tech Insider in July as a site dedicated to innovation, science and space.
Axel Springer, which made a failed run for the Financial Times, invested $25M in Business Insider at the beginning of this year and announced plans for a German-language version of the site by yearend.
Trump Media & Technology Group today reported a $58.2M net loss on $4.1M in 2023 revenues, a disclosure that drove its stock price down 22.6 percent to $47.96.
Barry Pollack, an attorney at Wall Street’s Harris St. Laurent & Wechsler, has registered Julian Assange as a client with the Justice Dept. “out of an abundance of caution.”
Paramount Global to slash 800 jobs in what chief executive Bob Bakish calls part of an effort to “return the company to earnings growth"... Rolling Stone editor-in-chief Noah Shachtman is exiting at the end of the month due to disagreements with chief executive Gus Wenner over the direction the magazine is taking... The New York Times broke the $1 billion barrier in annual revenue from digital subscriptions in 2023... Press Forward is investing more than $500 million to strengthen local newsrooms.
The majority of news articles are read within the first three days of publication, according to a recent report.
The Los Angeles Times gives pink slips to 115 people or 20 percent of its newsroom staff... TIME is also laying off about 30 employees, which is approximately 15 percent of its editorial staff... The Baltimore Banner, which was launched by Stewart Bainum in 2022 after he failed to buy the Baltimore Sun, added 500 subscribers per day in the three days following Sinclair Broadcast Group's deal to purchase the Sun.
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