Axel Springer Buys Bisnow
German media giant Axel Springer has acquired Bisnow, a major commercial real estate media and events company previously backed by private equity firm The Wicks Group. The deal marks a significant consolidation in the B2B media space, with investment bank BrightTower advising on the transaction.
The Wicks Group initially acquired Bisnow in May 2016 for an estimated $50 million. The private equity firm specializes in investing in lower-middle-market companies within the information, education, and media sectors. Founded in 2005 by Mark Bisnow, the company aimed to provide a livelier, more personality-focused news style for niche business audiences, taking advantage of internet-age economics. By 2013, Bisnow was already operating in 22 markets, generating $13.8 million in revenue, largely from its events. Before the sale to Axel Springer, Bisnow had grown significantly, 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 produces industry-specific e-newsletters for its subscriber base of over 600,000. This acquisition adds to Axel Springer's extensive portfolio of U.S. media assets, which includes Politico, Business Insider, and the business newsletter Morning Brew. The German media giant has been actively expanding its digital, English-language offerings through strategic purchases. The deal comes after a major corporate restructuring for Axel Springer in September 2024, which separated its media assets from its classifieds business to form a new private media company. This new entity, controlled by CEO Mathias Döpfner and Friede Springer, is focused on becoming a leading transatlantic digital news powerhouse.
