News stand, Berlin
Axel Springer publishes the popular Die Welt newspaper in Germany Reuters

German media company Axel Springer has announced it is buying financial news website Business Insider for $442m (£292m, €395m).

The company, which missed out in its attempt to buy the Financial Times from Pearson, was thought to have made a bid of around $560m before.

Business Insider, which has 76 million unique monthly visitors, is the newest addition to Axel's portfolio, which is already significant in Germany. The company holds leading titles Die Welt and red-top tabloid Bild in its home country.

Business Insider
Business insider, head-quartered in New York, has 78 million monthly views Screenshop/Business Insider

Former Wall Street analyst Henry Blodget, who founded Business Insider in February 2009, will remain in his position as CEO and editor-in-chief while the chief operating officer and president Julie Hansen will also continue in her roles.

Mathias Döpfner, chief executive of Axel Springer, said: "With the acquisition of Business Insider, we continue with our strategy to expand Axel Springer's digital reach and, as previously announced, invest in digital journalism companies in English-speaking regions of the world. Business Insider has set new standards in digital business journalism globally."