Dow Jones, the company that publishes the Wall Street Journal, is buying the internet financial news provider MarketWatch.
The idea behind the purchase is to increase its revenue from the fast growing internet advertising market. The price is almost 360 million euros. MarketWatch was set up in 1997 at the height of the dot com boom. It runs sites providing financial and investment analysis information and generated 36 million euros in revenue last year and is forecasting 64 million this year. Dow Jones is hoping to reach a wider audience for financial news and information with the free advertiser-supported service. Analyst said it was a good buy, but the price was a bit high. MarketWatch shares rose over 6% while Dow Jones shares fell slightly.