Dow Jones (NYSE: NWS) has sold its Online Financial Solutions business to Interactive Data Corp. (not to be confused with tech consultancy IDC), in the latest of a continued string of divestitures. Terms of the deal, which is expected to close within a few weeks, wasn’t disclosed. The OFS assets were formerly part of MarketWatch Licensing Services, before DJ bought MarketWatch in 2005. Most of the parts sold came in from MarketWatch’s 2003 $103 million acquisition of Pinnacor. An Interactive Data rep told paidContent that Dow Jones will retain ownership of the domain/website and brand for Bigcharts, though Interactive Data will have “perpetual license rights to Bigcharts code.” Secondly, the Pinnacor trademark will be transferred to Interactive Data.
Two months ago,content management company YellowBrix acquired Dow Jones’ news syndicator. DJ bought Screaming Media six years ago for $103 million. At the time Screaming Media had changed its name to Pinnacor, but has since changed it back, leaving DJ with the Pinnacor trademark after that sale.
The OFS business is an online-based data system that includes news, market information, research, charting, portfolio management and investor alerts, for approximately 200 financial companies, active investor services, and web portals like Yahoo (NSDQ: YHOO) Finance. Under the sale agreement, DJ will keep the news business part of OFS. In turn, DJ will enter into a non-exclusive redistribution agreement with Interactive Data to sell MarketWatch news to clients.
The sale of OFS comes a week after DJ unloaded its one-third interest in European index provider Stoxx. The company is also in the midst of trying to sell its entire indexing business, which includes the Dow Jones Industrial Average, which is estimated to be worth $700 million. The divestitures are seen as a way to make up for the large $2.8 billion in write-offs that News Corp. took when it bought the company for $5.7 billion in 2007. Release