News Corp. to buy Investor’s Business Daily
News Corp. plans to acquire Investor’s Business Daily (IBD) for $275 million from O’Neil Capital Management, according to an announcement Thursday.
The print and online publication will be operated by Dow Jones, a News Corp. subsidiary that includes outlets like the Wall Street Journal, Barron’s, Dow Jones Newswires and MarketWatch.
Investor’s Business Daily revenue base is largely digital, with some 100,000 digital subscribers. The print publication is weekly, and online stories are published on investors.com.
“IBD will greatly enhance our e-expertise in finance, with compelling digital coverage, unique tools and high-yielding services. We will be able to cross-sell and up-sell with Dow Jones financial products and provide specialist insights for a knowing business audience,” said Robert Thomson, chief executive of News Corp.
He added that Dow Jones and The Wall Street Journal both reported record profits last quarter and that IBD is expected to contribute to Dow Jones’s profitability.
Rupert Murdoch is executive chairman of News Corp. He is also co-chairman of Fox Corp., which owns Fox News.
Investor’s Business Daily is one of several investment-related businesses owned by O’Neil Capital Management. The publication was established in 1984 by entrepreneur William J. O’Neil, and O’Neil Capital Management is run by his son, W. Scott O’Neil.
The publication and its 130 employees will remain at its Los Angeles headquarters and will be managed as a stand-alone brand under Dow Jones after the deal is completed, according to News Corp.
The deal still requires regulatory approval, but News Corp. said it expects to complete the acquisition no later June 30.