Dow Jones & Company to Sell Publishing Entity to Wicks Business Information
Posted on December 28, 1999Dow Jones & Company has announced that it has signed a letter of intent to sell Dow Jones Financial Publishing Corp. to Wicks Business Information, LLC. Dow Jones Financial Publishing Corp. is the publisher of the magazines Investment Advisor, Asset Management and Property and the newsletter Realty Stock Review.
Dow Jones decided to sell Dow Jones Financial Publishing as part of its program of divesting non-core assets. The company will record a gain on the sale at the time of closing, which is expected to occur in January 2000. The Jordan, Edmiston Group, Inc. managed this transaction on behalf of Dow Jones.
Douglas J. Manoni, President and CEO of Wicks Business Information, said "We are very excited to bring these high-profile titles into our expanding portfolio of financial publications. These properties are well positioned to exploit the growing affluence in America. We are eager to work with this experienced and respected team of publishing professionals."
Dow Jones & Company publishes The Wall Street Journal and its international and Interactive editions, Barron's and SmartMoney magazines and other periodicals, Dow Jones Newswires, dowjones.com, Dow Jones Indexes, and the Ottaway group of community newspapers. Dow Jones is co-owner with Reuters Group of Factiva and with NBC of the CNBC television operations in Asia and Europe. Dow Jones also provides news content to CNBC in the U.S.