Jihadists holding US journalist James Foley wanted a $132m ransom for his release, his employer has said.
GlobalPost CEO Philip Balboni said the Islamic State (IS) militants had first demanded money last year.
Mr Foley was abducted in November 2012, and a video of his beheading was released by IS earlier this week.
The US has begun a formal criminal investigation into Mr Foley's death, with the attorney general warning that the country has a "long memory".
Meanwhile, speaking at a press conference on Thursday, US Defence Secretary Chuck Hagel described IS as an imminent threat and "beyond just a terrorist group".
"They marry ideology, a sophistication of strategic and tactical military prowess, they are tremendously well-funded... this is beyond anything that we have seen," he said.