Dow Jones Completes Purchase of News Unit of VWD, Germany's Leading Real-Time Financial Information Provider.Business Editors FRANKFURT/LONDON/NEW YORK--(BUSINESS WIRE)--April 2, 2004 Dow Jones Dow Jones the best known of several U.S. indexes of movements in price on Wall Street. [Am. Hist.: Payton, 202] See : Finance & Company (NYSE NYSE See: New York Stock Exchange : DJ) today announced that it has completed the purchase of the financial newswires and business newsletters division of vwd-Vereinigte Wirtschaftsdienste GmbH ("vwd"), Germany's leading real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. financial information provider. The deal originally was announced on March 16, 2004. As previously announced, Dow Jones will pay Euro 9.8 million in cash for vwd's news business. The net price of the transaction to Dow Jones will be about Euro 4.4 million after netting out its Euro 5.4 million share of the proceeds from the sale of vwd's market-data terminal and services business. The purchase coincides with the sale by Dow Jones, Verlagsgruppe Handelsblatt GmbH and Frankfurter Allgemeine Zeitung Frankfurter Allgemeine Zeitung (FAZ) (German; “Frankfurt General Newspaper”) Daily newspaper published in Frankfurt am Main, one of the most prestigious and influential in Germany. GmbH of their shares in vwd to an investment group headed by Mr. Edmund Keferstein, in a simultaneous deal also completed today. Mr. Keferstein retains ownership of vwd's market-data terminal and services division. Financial details of the final transaction weren't disclosed. Dow Jones will now operate the financial newswires and business newsletters unit under the brand name Dow (Direct OverWrite) See magneto-optic disk. Jones-VWD News, as part of its Dow Jones Newswires Dow Jones Newswires is the real-time financial news organization owned by Dow Jones. Founded in 1882, its primary competitors are Bloomberg L.P. and Reuters. The company reports more than 420,000 subscribers -- including brokers, traders, analysts and fund managers -- as of July division. About Dow Jones Newswires Dow Jones Newswires' award-winning content includes economic, financial and market-moving political news from around the world. It is the world's leading independent, real-time financial news provider, delivering up to 10,000 news items a day to more than 323,000 financial professionals in 66 countries. In addition to this, millions of people access selected Dow Jones Newswires content through various corporate Internet sites, electronic exchanges, corporate intranets and business information services See Information Systems. . Dow Jones Newswires provides real-time news services in eleven languages. In 2003, representatives of 15,000 U.K. dealing-room professionals named Dow Jones Newswires the "Best Rated (newswire) Service" for the second year running in an independent survey conducted by Kimsey Consulting. Dow Jones Newswires achieved the highest rating for reliability and breadth of reporting and overall customer satisfaction. In April 2003, Dow Jones Newswires was voted "News Provider of the Year" by market data and exchange professionals in the Market Data Awards, organised by the Risk Waters publication Inside Market Data. Founded in 1882, Dow Jones Newswires has more than 800 real-time editors and reporters. It is part of Dow Jones & Company's global news network of more than 1,600 business and financial news staff. Dow Jones Newswires also draws on the resources of several of its media partners including the Associated Press Associated Press: see news agency. Associated Press (AP) Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world. and Nikkei.Press and Nikkei. |
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