Axel Springer SE has shelled out $343 million (approximately €305 million) for an 88% stake in New York City-based Business Insider Inc (BI), bringing the German media company's total stakes in BI to 97%.

Axel Springer already owned a 9% stake in BI after investing $25 million in the company in January 2015. Henry Blodget, founder, chief executive officer and editor-in-chief, will maintain his role with BI, as will chief operating officer and president Julie Hansen, according to an Axel Springer press release. Huffington Post co-founder and Buzzfeed chairman Kenneth Lerer will gain a seat on BI's board.

Business Insider was founded in 2007 and turned its first-ever profit of $2,127 (or €1,898) five years ago, in the fourth quarter of 2010. In Blodget's post reporting this financial performance, he wrote: "Making $2,127 feels about 2,127 times as good as losing money. And it makes us confident that, if we keep working hard, and we keep getting better, we'll be able to build a successful business and a truly great product someday."

Axel Springer's purchase price based on 100% of the company amounts to $442 million (approximately €395 million). BI currently employs 325 people, about half of whom are journalists. Its site now garners about 76 million unique monthly visitors, as compared to the 8 million unique monthly visitors Blodget reported in 2010. Axel Springer projects BI's traffic will increase the media company's overall worldwide digital audience to 200 million users.

"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," said Axel Springer CEO Matthias Döpfner.

In Association with

Axel Springer plans to launch a German language Business Insider in the fourth quarter of this year.

Business Insider investors include Amazon founder Jeff Bezos. He has invested $37 million in the business news website which, according to reports, sourced $226 million from 22 investors. Bezos is hanging on as a 3% minority shareholder.

Fraud Charge

Henry Blodget was one of Wall Street’s best-known internet analysts during the dot com boom of the 1990s. He was charged with fraud by the Securities and Exchange Commission for allegedly issuing positive research notes on companies while privately expressing negative views. According to MarketWatch, Blodget agreed to pay $4 million in penalties while neither admitting nor denying wrongdoing and was barred from the securities industry for life.

The German publisher didn't reveal any details of BI's financial performance. Here's a Business Insider headline you're not likely to read on the site. Krazy Krauts Pile Into Blodget's Blog

Here's how Business Insider reported the Axel Springer purchase.