World's Largest Media Company News Corporation Acquires Investors Business Daily for 310 Billion KRW
[Asia Economy Reporter Kwon Jae-hee] News Corporation, the world's largest media company, is acquiring the economic media outlet Investors Business Daily (IBD) for $275 million (approximately 312 billion KRW), the Wall Street Journal (WSJ) reported on the 25th (local time).
According to the report, News Corporation plans for its subsidiary Dow Jones & Company to operate IBD, while maintaining IBD as an independent brand.
News Corporation expects that since the subscriber bases of IBD and Dow Jones overlap, this acquisition will significantly enhance Dow Jones' profitability.
Almar Latour, CEO of Dow Jones, stated, "IBD is highly profitable and growing rapidly," adding, "This acquisition will help strengthen Dow Jones' digital presence."
As the advertising market recently declined due to COVID-19, News Corporation has been focusing on expanding its digital subscriber base as a way to overcome this challenge. The market views this acquisition as an extension of that strategy.
Robert Thomson, CEO of News Corporation, said, "As Investors Business Daily accelerates its digital transformation, 90% of its revenue now comes from digital."
Hot Picks Today
Taking Annual Leave and Adding "Strike" to Profiles, "It Feels Like Samsung Has Collapsed"... Unsettled Internal Atmosphere
- There Is a Distinct Age When Physical Abilities Decline Rapidly... From What Age Do Strength and Endurance Drop?
- Missing Rebar Found in GTX-A Samsung Station Section... Ministry of Land Launches Audit
- "After Vowing to Become No. 1 Globally, Sudden Policy Brake Puts Companies’ Massive Investments at Risk"
- On Teacher's Day, a Student's Gifted Cake Had to Be Cut into 32 Pieces... Why?
Guggenheim Securities also evaluated News Corporation's acquisition of IBD, stating, "This purchase is a strategically significant opportunity that can generate revenue synergies."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
