News Corp. has agreed to acquire Investor’s Business Daily from O’Neil Capital Management. The digital first financial news and research business will be operated by Dow Jones, a News Corp subsidiary.
“IBD will greatly enhance our e-expertise in finance, with compelling digital coverage, unique tools and high-yielding services. ” said Robert Thomson, chief executive of News Corp. “We will be able to cross-sell and up-sell with Dow Jones financial products and provide specialist insights for a knowing business audience. Dow Jones and the Wall Street Journal reported record profits in the last quarter and I have no doubt that IBD’s savvy digital products and journalism will significantly bolster profitability at the Dow Jones segment.”
Almar Latour, CEO, Dow Jones, added, “The prospect of combining our collective skills and strengths, especially our shared legacies of trusted, rigorous journalism and research, opens up a wide range of potential. It creates exciting possibilities to grow quality at scale, diversify our tailored digital offerings and forge even deeper connections with the professional and retail investment communities.”
William Scott O’Neil, CEO of O’Neil Capital Management and Investor’s Business Daily, said, “We can’t think of a better place than News Corp and Dow Jones to take Investor’s Business Daily into its next phase of growth and create even more value for our loyal subscribers.”
Baker Hostetler served as legal advisor to the purchaser in the transaction. Investment Bank, Canaccord Genuity, served as financial advisor, and Norton Rose Fulbright served as legal advisor to O’Neil Capital Management, the seller, in the transaction.