Pearson (www.pearson.com), the international education and information company, announced the acquisition of Money-Media (www.money-media.com), the US-based leader in online news and commentary for the money management industry, from Michael D. Griffin, Money-Media’s sole voting shareholder and CEO.
JEGI CLARITY (www.jegiclarity.com), the New York-based investment banking firm that specializes in media and information, represented Money-Media in this transaction and acted as its exclusive financial advisor.
Money-Media, through its products Ignites, Fundfire, BoardIQ, Agenda and ODX, offers highly-respected online services, publications and conferences. It provides must-have news and analysis via e-mail and its web sites to mutual fund managers, institutional investors, high-net-worth individuals, company directors and advisers. The company had revenues of $16 million in 2007, approximately two-thirds of which were generated through subscriptions with high renewal rates.
Money-Media’s specialist services will improve the ability of the Financial Times to reach the asset management community in the US, enhancing its recent launch of a US edition of FTfm (its dedicated fund management newspaper supplement); and globally, building on the FT’s unique global franchise.
“This acquisition supports and extends our strategy of building strong subscriber and digital businesses in core sectors,” said John Ridding, Chief Executive of the FT. “Asset managers need reliable, relevant and timely information about the globalization of investments, diversification of asset classes, mitigation of risk and frequent changes in regulation. Money-Media has built a senior and loyal audience in the US, and we see substantial scope for international growth with the FT’s global presence and expertise behind it.”