It’s Official: Dow Jones Acquires SmartMoney Stake From Hearst
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As expected, Dow Jones (NYSE: NWS) has bought the remaining 50 percent stake in personal finance mag SmartMoney from Hearst. The financial terms weren’t disclosed. In addition to the magazine, Dow Jones will own 100 percent of the related website along with the SmartMoney Custom Solutions unit. In a statement, Todd Larsen, Dow Jones’ president, discusses the natural fit of SmartMoney and the WSJ in terms of meeting readers’ desire for personal finance news and advice during a period of economic uncertainty. As a result of readers’—and he hopes, advertisers’—interest, “Having the SmartMoney franchise 100 percent integrated with the Dow Jones and Wall Street Journal teams will provide the avenues for the brand to grow exponentially,” he said.
The two companies have shared ownership of the monthly SmartMoney mag since 1991. SmarMoney‘s circ held relatively firm at 800,000 copies, according to Audit Bureau of Circulation, ad pages fell 23 percent last year, per the Publishers Information Bureau.
SEE ALSO: Dow Jones In Negotiations With Hearst To Buy Remaining Half Of SmartMoney
As Dow Jones and Hearst were wrapping up last week’s negotiations, there were indications that some on SmartMoney’s business side might be cut, while the editorial staff would be spared. Other sources close to the magazine say that they did not feel completely certain that their jobs were safe. Also, there was no mention as to whether Johnathan Dahl, who has been the magazine’s editor-in-chief for the past six years and previously spent 18 years at the WSJ, will retain his post as it is or editorial oversight will shift. Release
Posted In: Media & Publishing, Magazines, Money, M&A & Venture Capital, Mergers & Acquisitions, Companies, Hearst, News Corp., Dow Jones, smartmoney
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