News Corp agreed to buy digital-first financial news and research publisher Investor’s Business Daily from O’Neil Capital Management for $275 million.
The New York media company said Thursday its Dow Jones unit, which publishes The Wall Street Journal and Dow Jones Newswires, will operate IBD, which has nearly 100,000 digital subscribers across its platforms.
On top of the Journal and Dow Jones Newswires, Dow Jones owns several publications catering to investors, including MarketWatch and Barron’s.
News Corp said IBD, which operates the Investors.com website, has minimal overlap with Dow Jones’s existing subscriber base and will significantly bolster profitability at the segment, which in the final three months of 2020 posted its highest quarterly profit since 2007.
News Corp Chief Executive Robert Thomson said in a statement that the addition of Investor’s Business Daily to News Corp’s portfolio would allow the company “to cross-sell and up-sell with Dow Jones financial products and provide specialist insights for a knowing business audience.”