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News Corp. to buy Investor’s Business Daily for $275 million

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News Corp. to buy Investor’s Business Daily for $275 million

Postby AfricanMustang » Thu Mar 25, 2021 3:52 pm

Rupert Murdoch’s News Corp. has agreed to buy Investor’s Business Daily from O’Neil Capital Management for $275 million, continuing the legacy media company’s push into digital publishing.

News Corp. said Thursday that it planned to fold the Los Angeles-based business, which includes the Investor’s website, into its Dow Jones subsidiary, which also publishes the Wall Street Journal, MarketWatch and Barron’s. Investor’s Business Daily, which currently has about 130 employees, will remain a stand-alone brand within News Corp. once the acquisition is complete. The deal is expected to close in the second quarter.

Founded in 1984 by entrepreneur William J. O’Neil, Investor’s Business Daily developed proprietary data and research tools to identify top-performing stocks. The model was based on O’Neil’s investment philosophies.

IBD used to publish a daily newspaper, but the company eventually shifted its focus to digital platforms, and the print edition now comes out once a week. IBD has nearly 100,000 digital subscribers across its various platforms, which include IBD Live, MarketSmith, Leaderboard and SwingTrader. The privately held company derives 90% of its revenue and subscriptions from its digital offerings, making IBD an attractive play for News Corp., which has found success selling premium digital subscriptions to the Wall Street Journal.

News Corp.’s financial outlets, including the Journal, compete with Bloomberg News, CNBC, Reuters and the Financial Times for the investor audience.

O’Neil, who was born in Oklahoma in 1933, came to Los Angeles during the postwar boom after graduating from Southern Methodist University in Dallas and serving in the U.S. Air Force. His first stock purchase was a few shares of Procter & Gamble. He joined the L.A. brokerage Hayden, Stone and Co. in 1958 and, five years later, launched his own firm, William O’Neil + Co. He started a mutual fund and steadily grew his business.

O’Neil launched Investor’s Business Daily in 1984 and later wrote the book “How to Make Money in Stocks.”

https://www.latimes.com/entertainment-a ... 75-million
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