Dow sells costly Markets

 

Publishing group, Dow Jones & Co Inc has said it is getting out of the money-losing business of providing financial data, and selling its Markets unit to Bridge Information Systems Inc for (dollars) 510 million £371.6 million.

Bridge, a privately-held financial information company, will pay Dow Jones (dollars) 360 million in cash and (dollars) 150 million in Bridge preferred stock that converts into a 10 per cent of Bridge common stock after five years.

Last month, Dow Jones reported a fourth-quarter charge of (dollars) 922.5 million, primarily related to Markets.

After the charges, Dow Jones posted a net loss (dollars) 802.1 million in 1997. It earned (dollars) 190 million in 1996.