Dow Jones has bought weekly financial newspaper Financial News for £27 million.
Chief executive Angus MacDonald, who owns 25 per cent of the
company, will assist the management changes on a part time basis. He
led a buy-out of the title in 1996. The Financial News brands and
businesses will operate as part of Dow Jones. Tony Gibson will remain
Chief Executive and Publisher with William Wright as Editor in Chief.
Financial News was founded in March 1996 by a team of senior
journalists as the weekly newspaper about the European securities and
investment banking industry. Shareholders will receive around £30
million from the sale, including £3 million in respect of estimated
working capital.
Financial News Online has more than 35,000 paying subscribers,
and about 30 per cent of the group's revenue is generated online. The
stable of Financial News' titles includes Private Equity News, the
leading weekly title in its field; FNO US, a US version of its daily
website; and Brummell, a luxury consumer title distributed within
Financial News. The company, who has 120 employees, also runs events
and training business.
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