3rd Jan 2008 14:37
Pearson PLC03 January 2008 3 January 2008 PEARSON ACQUIRES MONEY-MEDIA; ENHANCES FT'S SERVICES TO GLOBAL ASSET MANAGEMENTINDUSTRY Pearson, the international education and information company, today announcesthe acquisition of Money-Media, the US-based leader in online news andcommentary 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. Itprovides must-have news and analysis via email and its websites to mutual fundmanagers, institutional investors, high-net-worth individuals, company directorsand advisers. It had revenues of $16m in 2007 - approximately two-thirds ofwhich were generated through subscriptions with high renewal rates - and hadestimated gross assets of $4m at the year end. Money-Media's specialist services will improve the ability of the FinancialTimes to reach the asset management community in the US, enhancing its recentlaunch of a US edition of FTfm (its dedicated fund management newspapersupplement); and globally, building on the FT's unique global franchise. "This acquisition supports and extends our strategy of building strongsubscriber and digital businesses in core sectors," said John Ridding, ChiefExecutive of the FT. "Asset managers need reliable, relevant and timelyinformation about the globalisation of investments, diversification of assetclasses, mitigation of risk and frequent changes in regulation. Money-Media hasbuilt a senior and loyal audience in the US, and we see substantial scope forinternational growth with the FT's global presence and expertise behind it." ENDS 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 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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