The deal sees FT parent Pearson joining forces with Data Broadcasting
Corporation, a US financial data supplier owned by television network
The pounds 500 million reverse takeover will give Pearson a 60 per cent
stake in an enlarged DBC, which in turn has a 32 per cent stake in CBS
The site attracts more than 4.6 million visitors a month and advertising
from companies such as Fidelity Investments and Merrill Lynch.
FT Group chief executive Stephen Hill said it would let ft.com take
advantage of cross-promotional opportunities with MarketWatch.com.
’These are two distinctive and complementary products,’ he said. ’CBS
MarketWatch.com is strongly focused on actionable, market-oriented news,
while we are building ft.com as the information partner of the global
He added that both sites were editorially compatible and that he hoped
cross-promotion would encourage a large percentage of MarketWatch.com
users to click through to ft.com.
The deal may also give ft.com an edge against rival services like
TheStreet.com, which recently launched a UK spin-off (Media Business, 20
Pearson is spending at least pounds 40 million revamping and marketing
In September it hired US web design house Razorfish to overhaul the
site, transforming it from an online newspaper into ’a worldwide
It is particularly keen to pull in more users in the US, as well as
readers for the Financial Times newspaper itself, which sells 100,000
copies in the market.
In the UK, ft.com’s sales team was recently hit by the surprise
departure of head of sales Anthony Carbonari, who is joining the
international arm of Disney Interactive as sales director.