FinancialContent, Inc, a provider of financial data and tools to Web site and corporate intranets, announced that the company has acquired the assets of CNET Networks' Private Wire business, a financial channel solution for Web sites and print publications. The transaction is expected to add as many as 100 customer deployments to FinancialContent's client base, and is expected to be accretive to earnings. The management team of FinancialContent believes that the transaction will enable the company to increase its revenues and to generate cash-flow positive operations for the quarter ending September 30, 2003.
Under the arrangement, CNET Networks will also be a marketing partner for FinancialContent's services. Consideration was paid in a combination of cash and stock, and upon completion of the migration, CNET Networks is expected to have an equity stake of up to 20% in FinancialContent, Inc. Details of the acquisition terms will be furnished to the public in an upcoming FinancialContent filing with the Securities and Exchange Commission (SEC).
FinancialContent, has also entered into a content licensing and co-marketing agreement with CNET Networks to power the Investor Channel of CNET News.com. CNET Networks will use FinancialContent's Studio 3.0 platform to manage the integration of stock market data and tools across CNET Networks' online properties.
CNET News.com's Investor Channel (http://investor.news.com) now features stock quotes, charts, corporate news, company profiles, SEC filings, and historical data from FinancialContent. In addition, FinancialContent is providing expanded coverage for the CNET Tech Index and its corresponding sector-specific indices, global indices, and currencies, regional stock summaries, and an enhanced CEO Wealthmeter to track the value of equity held by CEOs of publicly-traded companies.