German media giant, Axel Springer, has agreed a deal to buy 88pc of the shares in New York-based news website Business Insider for $343m (€305m).
The acquisition will boost Axel Springer’s digital audience by 66pc up to approximately 200 million users - putting the company among the top six digital publishers in terms of reach.
Axel Springer already holds a 9pc stake in the company and its latest investment will see it hold a stake of 97pc.
Editor-in-Chief of Business Insider, Henry Blodget, said that the team is looking forward to joining forces with Axel Springer.
“We have tremendous respect for Axel Springer's commitment to independent journalism and its global vision for the future. 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 organisation for the digital century,” Mr Blodget said.
Business Insider was launched in 2007 and now employs more than 325 people. The company also have local editions of Business Insider in seven countries outside of the US.