Axel Springer raises full-year revenue guidance, reaffirms earnings; German edition of Business Insider goes live Nov. 16
The Germany media giant, Axel Springer, said it would be raising its full year revenue guidance, reporting that revenue had increased 8.9 percent in the first three quarters of the year. The company reaffirmed its earnings outlook.
“Our priority this year is growth. We see great potential with our Classified Ad Models and journalistic brands in Europe and also, increasingly, in the English-speaking world,” said Dr. Mathias Döpfner, CEO of Axel Springer SE. “Through the acquisition of Business Insider, Axel Springer has, already being the market leader in Europe in terms of reach, developed into one of the biggest digital publishers in the world.”
The media company pointed to its commitment to digital media, acquiring a majority stake in Business Insider, as well as its partnership with Samsung. The beta version of UPDAY, a content platform for aggregated and curated news content, launches in 2016.
“With the mindset of a start-up, we want to create a new way of business reporting in Germany,” said Christin Martens (left), editor-in-chief of Business Insider Germany. “We will try a lot of new things, will work closely together with Business Insider in the USA and also create our own stories with a focus on the German economy.”
Axel Springer paid $343 million to acquire 88 percent of Business Insider (it already owned 9 percent) at the end of September. Jeff Bezos, founder of Amazon, retains a 3 percent share.