James Foley killers 'wanted $132m ransom'
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.
Hunt for killer
In the UK, police and security services are trying to identify the jihadistwho appeared in footage of Mr Foley's killing.
Unconfirmed reports suggest the man - who had an English accent - is from London or south-east England.
Media player helpIn the video of Mr Foley's murder, IS militants threatened to kill another American if the US did not stop its air strikes against the group in northern IUS air strikes have continued near Mosul despite the warning.
On Thursday, US Attorney General Eric Holder said the US pursuit of Mr Foley's killer would be determined.
"Those who would perpetrate such acts need to understand something: this justice department, the Department of Defence, this nation, we have long memories and our reach is very wide," he said.
On Wednesday, President Barack Obama vowed to bring the perpetrators to justice.
"We will be vigilant and we will be relentless," he said. "When people harm Americans, anywhere, we do what's necessary to see that justice is done."
The US has carried out air strikes in Iraq since 8 August
The US has been conducting air strikes across Iraq since 8 August, as part of a campaign against IS targets.
US aircraft destroyed or damaged four IS vehicles and several bomb placements in strikes near Mosul dam on Thursday, the military said.
There have been a total of 90 air strikes across Iraq since operations began, the Pentagon said.
Of those 90 strikes, 57 have been near Mosul Dam
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