By: Staff reports
Financial Times MarketWatch.com To Launch Joint Web Site
The Financial Times group and MarketWatch.com Inc. yesterday finalized a joint venture agreement to launch a new Internet service that will provide financial and market news to Europe.
With CBS MarketWatch.com as a template, the new Financial Times Marketwatch.com site will appear in the first half of this year. The site’s target audience will be individual investors in Europe who require real-time financial news to manage their investments.
“There is a revolution occurring in how people manage their money and investments and the tidal wave that started in the U.S. is coming to Europe,” said Larry Kramer, chairman and CEO of MarketWatch.com Inc. and chairman of the new venture.
The site will complement Financial Times group’s existing Web properties such as ft.com, FTYourMoney, and other business sites in France, Spain, and Germany.
The FT group and MarketWatch.com began working together in November 1999 when they formed a marketing alliance based on the merger of Financial Times Asset Management and Data Broadcasting Corp, owner of a 32% stake in MarketWatch.com. Once the merger is complete, the FT group will assume control of DBC’s stake in MarketWatch.com. CBS Corp. holds a similar-sized stake in MarketWatch.com.