Axel Springer Acquires Bisnow Media
German media giant Axel Springer has acquired Bisnow, a major B2B media and events company focused on the commercial real estate industry. The deal, backed by private equity firm The Wicks Group, marks a significant consolidation in the business media landscape.
This acquisition places Bisnow within a newly formed Brew Media Group at Axel Springer, alongside the business newsletter Morning Brew. Both will operate as separate companies under the leadership of Morning Brew Inc.'s CEO, Robert Dippell, who previously served as Bisnow's Chief Revenue Officer. The deal marks an exit for private equity firm The Wicks Group, which acquired Bisnow in May 2016 for an estimated $50 million. At that time, Bisnow operated in 30 cities with 650,000 subscribers and hosted 300 events annually. By the time of the sale to Axel Springer, it had grown to host over 400 events in 47 markets across the U.S., Canada, the UK, and Ireland. Founded in 2005 by Mark Bisnow, the company capitalized on a hyperlocal, personality-focused approach to commercial real estate news, a departure from traditional industry reporting. The bulk of its revenue has historically come from its events, which are known for their informal atmosphere and networking opportunities. For Axel Springer, this purchase continues a major push into the U.S. market, following high-profile acquisitions like Politico for over $1 billion and Business Insider for $442 million. The German media company has been transforming its portfolio to focus on digital journalism and has recently become a fully privately owned company again for the first time since 1985.
