The Financial Times Group, part of Pearson plc, the international media company, today announced the approval of the merger of its asset valuation business (FTAM) with the Data Broadcasting Corporation (DBC), one of America's leading providers of real-time financial market data to traders and individual investors. The approval came at DBC's annual meeting of stockholders in New York on 23rd February 2000. The merger is expected to be completed on 29th February 2000.
The Financial Times Group will have a 60% stake in the combined business, which is expected to have pro forma revenues in 1999 of $320m. The combination will create one of the world's leading sources of securities pricing and specialist financial information to global institutional, professional and individual investors.
DBC owns a 32% stake in MarketWatch.com, operator of CBS.MarketWatch.com, which is one of the leading and fastest growing financial information websites in the United States, providing real-time breaking news and commentary on market-moving trends and events. Financial Times Market.Watch.com, a joint venture between the Financial Times Group and MarketWatch.com is due to launch a European version of the site in the first half of this year.
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