Agency: Fallon London
campaignlive.co.uk, Tuesday, 16 November 1999 12:00AM
ñ Pearson, the media group that owns the Financial Times, has taken a stake in MarketWatch.com, a leading US financial website.
The stake comes as part of a deal that will see Pearson join forces with Data Broadcasting Corporation, a US financial data supplier and a subsidiary of the US television network, CBS.
Pearson will combine its asset valuation business with DBC to create a supplier of specialist financial information to both institutional and individual investors.
The deal, which is structured as a reverse takeover, will leave Pearson with a 60 per cent stake in the enlarged DBC. Based on DBC's share price yesterday, Pearson's shareholding was valued at about $735m (£454m).
The new company will be headed up by Stuart Clark, who is currently president of the FT's asset valuation division. He will become president of the enlarged DBC.
The transaction will also give Pearson a stake in MarketWatch.com, which runs CBS.MarketWatch.com.
DBC has a 32 per cent stake in MarketWatch.com, which is one of the most popular financial web sites in the US.
CBS also has a 32 per cent shareholding in the business which floated on Nasdaq in January and is valued at about $600m.
The two will cross-promote MarketWatch.com and ft.com, the website of the FT, in North America and Europe.
This article was first published on campaignlive.co.uk