Five-year-old newsletter Morning Brew is in talks to sell itself to Business Insider, according to The Wall Street Journal.
What Happened: A reported deal price of $75 million would acquire the finance-focused newsletter service co-founded by two University of Michigan undergrad students.
Alex Lieberman and Austin Rief created Morning Brew in 2015. The daily newsletter “makes reading the news actually enjoyable,” according to the site.
Business Insider, founded by Henry Blodget in 2007, was sold to German publisher Axel Springer in 2015 for $440 million.
Related Link: Morning Brew Launches Marketing Brew, A Signature Newsletter On The Media, Marketing and Advertising Sector
Why It’s Important: Business Insider gains a subscriber base of over 2 million people with this deal.
Morning Brew has an audience that trends towards the millennial audience with its short articles and snippets and a tagline like “become smarter in just 5 minutes.”
Business Insider will be able to try and upsell the existing free customer base of Morning Brew into subscriptions, according to WSJ.
Morning Brew is also said to be profitable with an expected $20 million for the current fiscal year.
Business Insider has not confirmed the deal as of the time of writing.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
