German media juggernaut Axel Springer has acquired 90% of the shares of Vertical Media, a Berlin-based digital media company that publishes English-language local startup blog VentureVillage and its big German-speaking sister, Gründerszene.
The rest of the shares will be held by co-founder Mark Hoffmann, who will stay on board as managing director. The price of the acquisition was not disclosed.
Update: "credible sources" tell Meedia the acquisition price was in the 'low single-digit millions'.
Gründerszene was started in 2006 as a personal blog of Internet entrepreneur and investor Lukasz Gadowski. In 2008, Vertical Media was established by the investment company he co-founded, Team Europe.
Aside from the media properties, Vertical Media also organises startup events such as Heureka! and Spätschicht. The freshly acquired company employs 30 people (including freelancers).