Morningstar Acquires Financial Blog Footnoted.org
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Morningstar has done an unusual and small acquisition: it has bought financial blog Footnoted.org, for an undisclosed sum. The site, founded in 2003 by financial journalist Michelle Leder, pours over SEC filings and digs out various inside stories about companies. Besides the blog, it also has a premium service FootnotedPro which provides a deeper service for a fee.
Leder will continue to run Footnoted, and Morningstar will make some content from the site available on Morningstar.com, the company’s investment website. Also, the site will move from footnoted.org to footnoted.com. Additionally, Morningstar will also offer Footnoted Pro to its individual investor, advisor, and institutional clients. More details in release.
The deal is likely less cash and more based on future performance, as Leder hints in her own blog post about the deal:
“While I negotiated mightily for the keys to the Gulfstream, the corporate apartment in Paris, the company yacht, the lifetime consulting contract and, of course, a tax gross up — all crazy perks we’ve written about in various M&A deals — I came up empty handed. That’s because Morningstar doesn’t believe in those sorts of things. Nor do I. Instead, my reward will come if I’m able to grow the footnoted business the way that I envision, which is exactly as it should be and just another reason why I’m so excited to be joining Morningstar.”
Posted In: Money, M&A & Venture Capital, Mergers & Acquisitions, footnoted.org, morningstar
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