FT parent acquires online business news company

Pearson, the London-based parent of The Financial Times, announced Monday the acquisition of Money-Media, the U.S.-based online news service for the money management industry, from Michael D. Griffin, its sole voting shareholder and CEO.

Money-Media, through Ignites, Fundfire, BoardIQ, Agenda and ODX, offers online services, publications and conferences. It provides news and analysis via e-mail and its websites to mutual fund managers, institutional investors, high, net-worth individuals, company directors and advisers.

It had revenues of $16 million in 2007 — approximately two-thirds of which were generated through subscriptions with high renewal rates — and had estimated gross assets of $4 million at the year end.

Money-Media’s specialist services will improve the ability of the Financial Times to reach the asset management community in the U.S., enhancing its recent launch of a U.S. edition of FTfm (its dedicated fund management newspaper supplement); and globally, building on the FT’s global franchise.

“This acquisition supports and extends our strategy of building strong subscriber and digital businesses in core sectors,” said John Ridding, FT’s CEO.  “Asset managers need reliable, relevant and timely information about the globalisation 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.”