Axel Springer Makes US Digital Bets in Effort to Reboot

New York Times: Germany’s Axel Springer has moved aggressively to increase its portfolio, snapping up stakes in U.S. digital media companies Thrillist, Mic.com and Jaunt, and, in its biggest acquisition, paid $343 million for control of Business Insider. But analysts warn that Axel Springer’s investment-led strategy represents a potentially high-cost gamble. “Digital companies today are selling for huge multiples, but they also have a high failure rate. Many are literally fireflies.”