News Corp have forged a deal to purchase Investor’s Business Daily for USD $275 million. The now former O’Neil Capital Management-owned publisher will now operate under News Corp’s Dow Jones subsidiary, News Corp said in a press release announcing the move.
Elaborating on the motives behind the acquisition, Murdoch-owned News Corp pointed to the Investors.com operator’s refined product offering, consecutive annual growth, and almost exclusively digital revenue base. According to the release, over 90 per cent of IBD’s subscribers have come from the firm’s digital platforms, representing almost 100,000 regular readers.
IBD’s digital strategy complements News Corp’s current focus to develop within the space, with Dow Jones having already driven record-breaking profit and digital subscriber growth in the last year. The acquisition of IBD’s proprietary data and tools will also bolster Dow Jones’ capacity to provide investors with accurate insights into the state of the stock market.
Investor’s Business Daily president Jerry Ferrara said that the acquisition will help the publisher achieve their growth ambitions. ‘Joining the News Corp and Dow Jones family will afford us many opportunities to continue scaling our business, increase our global distribution and accelerate our initiatives,’ he said.