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Axel Springer buys 88 percent of Business Insider

German publisher Axel Springer said on Tuesday it would buy 88 percent of news website Business Insider valued at $343 million.

Springer, which earlier this year missed out on buying the Financial Times newspaper from Pearson, said it already owns about 9 percent of the website, which has 76 million monthly visitors.

Amazon founder and chief executive Jeff Bezos will hold the rest of the shares via his personal investment company Bezos Expeditions, Springer said in a statement.

(Disclosure: Business Insider is a competitor of CNBC.)