By: E&P Staff
Berkshire Hathaway Tuesday announced an agreement to buy Business Wire, which distributes corporate news releases and other content. Terms of the transaction were not disclosed.
Business Wire will operate as a wholly owned subsidiary of Berkshire Hathaway. The wire’s management team will remain in place and its day-to-day operations will not be affected by the ownership change, according to the announcement.
Warren Buffett, Berkshire Hathaway’s chairman and CEO, said Business Wire closely mirrors the profile of other companies in Berkshire Hathaway’s portfolio. “In making this acquisition of Business Wire, we have followed our blueprint of buying profitable companies that are industry leaders, yet have significant growth potential,” Buffett stated.
Business Wire, which has expanded in Europe and Asia in recent years, was founded in 1961. It electronically disseminates about 1,000 news releases a day to the media, the Internet, online services, online databases, and the global investment community in 150 countries in 45 languages. Business Wire has 24 offices in the U.S. as well as offices in Paris, Frankfurt, London, Brussels, Tokyo, and Sydney.