Citing unnamed financial sources, the magazine said the publisher of Europe’s biggest daily newspaper, Bild, was willing to pay around 500m euros for a controlling stake, without elaborating.
Springer, which earlier this year missed out on buying the Financial Times newspaper from Pearson (PSON.L), has said it wants to invest more in digital assets.
In January, Springer was the lead investor in a US$25m investment round in Business Insider.
A number of Silicon Valley and other angel investors hold stakes in Business Insider.
Axel Springer also owns half of the European edition of online news service and magazine Politico. The publisher’s Chief Executive, Mathias Doepfner, told Manager Magazin that he had no comment on a bigger stake in Business Insider.
An Axel Springer spokeswoman also declined to comment and would not confirm that Springer currently owns seven per cent of Business Insider.
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