Pearson, the international education and information company, today announces the acquisition of Money-Media, the US-based leader in online news and commentary for the money management industry, from Michael D. Griffin, Money-Media's sole voting shareholder and CEO.
Money-Media, through its products Ignites, Fundfire, BoardIQ, Agenda and ODX, offers highly-respected online services, publications and conferences. It provides must-have news and analysis via email and its websites to mutual fund managers, institutional investors, high-net-worth individuals, company directors and advisers. It had revenues of $16m in 2007 - approximately two-thirds of which were generated through subscriptions with high renewal rates - and had estimated gross assets of $4m at the year end.
Money-Media's specialist services will improve the ability of the Financial Times to reach the asset management community in the US, enhancing its recent launch of a US edition of FTfm (its dedicated fund management newspaper supplement); and globally, building on the FT's unique global franchise.
"This acquisition supports and extends our strategy of building strong subscriber and digital businesses in core sectors," said John Ridding, Chief Executive of the FT. "Asset managers need reliable, relevant and timely information about the globalisation of investments, diversification of asset classes, mitigation of risk and frequent changes in regulation. Money-Media has built a senior and loyal audience in the US, and we see substantial scope for international growth with the FT's global presence and expertise behind it."
For more information:
Luke Swanson/Simon Mays-Smith/Charles Goldsmith, Pearson Plc +44 (0)20 7010 2310
Tom Glover, FT Group +44 (0)7980 621 020