Axel Springer Acquires Bisnow
What happened
German media giant Axel Springer has acquired Bisnow, a major commercial real estate media and events company. The deal marks a significant consolidation in the B2B media space, expanding Axel Springer's portfolio of business-focused publications and events. Bisnow was previously backed by private equity firm The Wicks Group.
Why it matters
The sale marks a successful exit for private equity firm The Wicks Group, which first acquired Bisnow in May 2016 for approximately $50 million. At the time of that deal, Bisnow operated in 30 cities with 650,000 subscribers. Today, Bisnow's platform is significantly larger, reaching over 11 million readers and hosting more than 350 events annually across 50 markets in the U.S., Canada, the UK, and Ireland. The company's estimated annual revenue is currently $54.3 million. The acquisition continues Axel Springer's aggressive expansion into the U.S. media market. The German media giant previously bought Business Insider in 2015 for $442 million, a majority of Morning Brew in 2020, and Politico in 2021 for over $1 billion. Operationally, Bisnow will join Morning Brew Inc. under a newly formed entity called Brew Media Group. Robert Dippell, the CEO of Morning Brew, will lead the new group, though both Bisnow and Morning Brew will continue to operate as separate and independent companies.
Key numbers
- The deal marks a significant consolidation in the B2B media space, expanding Axel Springer's portfolio of business-focused publications and events.
- The sale marks a successful exit for private equity firm The Wicks Group, which first acquired Bisnow in May 2016 for approximately $50 million.
- At the time of that deal, Bisnow operated in 30 cities with 650,000 subscribers.
- Today, Bisnow's platform is significantly larger, reaching over 11 million readers and hosting more than 350 events annually across 50 markets in the U.S., Canada, the UK, and Ireland.
What happens next
- The sale marks a successful exit for private equity firm The Wicks Group, which first acquired Bisnow in May 2016 for approximately $50 million.
- Operationally, Bisnow will join Morning Brew Inc.
- Robert Dippell, the CEO of Morning Brew, will lead the new group, though both Bisnow and Morning Brew will continue to operate as separate and independent companies.
Quick answers
What happened in Axel Springer Acquires Bisnow?
German media giant Axel Springer has acquired Bisnow, a major commercial real estate media and events company. The deal marks a significant consolidation in the B2B media space, expanding Axel Springer's portfolio of business-focused publications and events. Bisnow was previously backed by private equity firm The Wicks Group.
Why does Axel Springer Acquires Bisnow matter?
The sale marks a successful exit for private equity firm The Wicks Group, which first acquired Bisnow in May 2016 for approximately $50 million. At the time of that deal, Bisnow operated in 30 cities with 650,000 subscribers. Today, Bisnow's platform is significantly larger, reaching over 11 million readers and hosting more than 350 events annually across 50 markets in the U.S., Canada, the UK, and Ireland. The company's estimated annual revenue is currently $54.3 million. The acquisition continues Axel Springer's aggressive expansion into the U.S. media market. The German media giant previously bought Business Insider in 2015 for $442 million, a majority of Morning Brew in 2020, and Politico in 2021 for over $1 billion. Operationally, Bisnow will join Morning Brew Inc. under a newly formed entity called Brew Media Group. Robert Dippell, the CEO of Morning Brew, will lead the new group, though both Bisnow and Morning Brew will continue to operate as separate and independent companies.
