News Corporation (ASX:NWS)
has penned a conditional deal to buy Investor’s Business Daily from O’Neil Capital Management for $275 million.
Its revenue base is almost entirely digital. With 100,000 digital subscribers across its platforms, its news reaches an audience of around 10.8 million per month.
The financial news and research business will be operated by News Corp’s subsidiary Dow Jones.
Traffic across the Dow Jones digital network jumped 48 percent last quarter. It is already home to The Wall Street Journal and MarketWatch.
News Corp says the acquisition will expand Dow Jones’s offering with the addition of proprietary data and tools for professional and retail investors, and that it will be able to cross-sell and up-sell with Dow Jones financial products and provide specialist insights.
Shares in News Corporation (ASX:NWS)
are trading 2.7 per cent higher at $32.34.