A group of investors, including Amazon.com founder and Chief Executive Jeff Bezos, invested $12 million in the online news site Business Insider.
Last April, Bezos, along with other investors, pumped $5 million into the news site. And in August, Bezos made a far bigger journalism investment, agreeing to buy The Washington Post for $250 million.
Bezos’ investments in Business Insider stem from his relationship with the site’s chief executive and editor-in-chief, Henry Blodget. As a Merrill Lynch analyst in the 1990s, Blodget was an early bull on Amazon’s stock, predicting in 1998 that the young company’s stock would hit $400, an eye-popping number at the time that quickly became true. Blodget was later accused of securities fraud and accepted a settlement in which he paid $4 million and was barred from working on Wall Street again.
In a post on the Business Insider site Wednesday, Blodget said the new money will help fund efforts to produce more, including long-form narratives and investigations, and pay for additional photography, video, and improved technology, among other items. The money will also help Business Insider launch a European edition, based in the United Kingdom.
- Unusual motel sting casts wide net on illicit activity
- Costco will buy most farmed salmon from Norway, not Chile
- Italian court throws out Knox conviction once and for all
- Priced out? Growing numbers appear to be fleeing King County
- 5 Seahawks takeaways from the NFL League Meetings
Most Read Stories
A Bezos spokesman did not respond to a request for comment.
Blodget wrote that other investors in the latest round include RRE Ventures, Institutional Venture Partners and Gordon Crovitz, the former publisher of The Wall Street Journal.
Jay Greene: 206-464-2231 or email@example.com. Twitter: iamjaygreene