Categories: OLD Media Moves

Energy news service Argus Media to sell stake

Argus Media, which covers energy news across the world, is selling a stake in itself that values the company at $1.3 billion, according to a Reuters story by Dmitry Zhdannikov and Freya Berry.

Zhdannikov and Berry write, “Argus has told employees it will only consider selling to investors who allow the company to continue operating independently and who will invest in the business globally for a five-year period, according to the sources.

“Investors who accept the five-year plan will progress to the final round of bidding and a deal is likely to be signed in the next few months, employees have been told.

“Argus had revenue of 124.4 million pounds ($178.8 million) in the year to June 2015 and a pre-tax profit of 32.5 million pounds.

“Its U.S.-based competitor Opis was bought by information provider IHS Inc in January in a $650 million deal .

“Argus employs 750 full-time staff globally, half of whom are commodities journalists, according to the company’s website.”

Read more here.

Chris Roush

Chris Roush was the dean of the School of Communications at Quinnipiac University in Hamden, Connecticut. He was previously Walter E. Hussman Sr. Distinguished Professor in business journalism at UNC-Chapel Hill. He is a former business journalist for Bloomberg News, Businessweek, The Atlanta Journal-Constitution, The Tampa Tribune and the Sarasota Herald-Tribune. He is the author of the leading business reporting textbook "Show me the Money: Writing Business and Economics Stories for Mass Communication" and "Thinking Things Over," a biography of former Wall Street Journal editor Vermont Royster.