The publisher of Business Insider, Berlin based publishing and digital media firm Axel Springer SE bought a stake in the taxi service firm Uber Technologies. Though the company did not disclose the amount of stake acquired or investment made, Springer said that the stake was intended to be a financial investment, not a strategic one. The deal is a part of its investment strategy. Founded by German journalist Axel Springer, Axel Springer SE has made investments in about 100 firms. In 2012, Axel Springer had also bought a stake in Airbnb, an online rental service.

Privately owned Uber is valued at about $70bn. Last year the company had earned $6.5bn in revenues but made a loss of $2.8bn. Commenting on this development an Uber spokesperson said, “Uber is committed to providing reliable and accessible transportation that improves European cities by cutting congestion, pollution and parking. The investment by renowned digital publisher, Axel Springer, is another example of a leading German company that shares this same vision.”

Source: The Wall Street Journal, April 19, 2017.