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Reuters sells Factiva stake to Dow Jones.

Information World Review

| November 06, 2006 | COPYRIGHT 2006 Incisive Media, published with the permission of Incisive Media. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Byline: Mark Chillingworth

Reuters sells Factiva stake to Dow Jones

Reuters has sold its 50% stake in news aggregation service Factiva to its development partner, Dow Jones, for $153m in cash and $7m in preferred stock. Subject to US regulatory approval, Factiva will be absorbed into the Dow Jones Enterprise Media Group, which is headed by former Factiva boss Clare Hart (pictured).

The news aggregation market has been rocked in the past 12 months, first by changing licensing agreements with newspapers like the Financial Times, which delayed feeds by 24 hours this summer, and by free news services such as Google News Archive.

Tom Glocer, CEO of Reuters, said of the deal: "The price works out to more than a four times return on the $40m we originally put in to this business, so we are quite happy. Content previously only available on a subscription basis is becoming available on the free web."

Rich Zannino, chief executive at Dow ...

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Source: HighBeam Research, Reuters sells Factiva stake to Dow Jones.