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Hearst Corporation to Increase Equity Interest in Fitch Group to 80 Percent

Hearst Corporation announced that it will purchase from Fimalac S.A. an additional 30 percent interest in global ratings agency Fitch Group, bringing Hearst’s equity interest to 80 percent.  Fimalac will retain a 20 percent equity interest in Fitch Group. The transaction is valued at $1.965 billion. Hearst acquired its original interest in Fitch Group in March 2006 and had most recently held 50 percent of ... Read More »

Acxiom and Hearst Magazines Inks New Deal – Expands Relationship to Bring Marketing Services to the Cloud

Increased Efficiencies and Long-term Competitive Advantages among Key Benefits Acxiom® announced an expanded relationship with long-time client Hearst Magazines, one of the world’s largest magazine media companies. Under the terms of this new agreement, Acxiom will be responsible for bringing Hearst Magazines’ marketing services platform to the cloud. Acxiom will lead the migration of Hearst’s database hardware and software to Amazon ... Read More »

Hearst Corporation to Acquire 80% Stake in KUBRA Data Transfer Ltd.

B-to-B Investment Puts Hearst in Leading Position to Provide Enhanced Digital Bill Delivery & Payment Services to Customers Across Many Industries Hearst Corporation announced the acquisition of an 80 percent stake in KUBRA Data Transfer Ltd., a leading provider of digital bill delivery and payment services with offices across North America.  The investment puts Hearst in a leading position to provide ... Read More »

Hearst Corporation Launches Hearst Health

New Brand Includes Hearst’s Healthcare Businesses, a Venture Fund and Innovation Lab, Reaching More Than 75% of Patients Discharged From U.S. Hospitals Hearst Corporation announced the creation of Hearst Health, a new brand that encompasses its healthcare information businesses, giving the company a consolidated presence across the clinical, pharmacy, home and hospice care, and health insurance markets. The announcement was ... Read More »

Hearst Raises Stake In Fitch Ratings To 50%

Hearst Corp agreed to buy another 10 percent of rating agency Fitch Group for $177 million as the media giant continues to diversify away from its newspaper foundations. Hearst bought the stake from France’s Fimalac SA (LBCP.PA). The two companies now each own 50 percent of Fitch, considered the third rating agency behind Moody’s Corp (MCO.N) and Standard & Poor’s, ... Read More »

RATING AGENCIES FACE FURTHER PAIN WITH LANDMARK WALL STREET REFORM BILL

The Senate passed the landmark ‘Wall Street reform bill’ which includes important new requirements and oversight of rating agencies.  The most damaging aspect of the reform bill for rating agencies is the liability provision.  Investors could bring private rights of action against rating agencies for a knowing or reckless failure to conduct a reasonable investigation of the facts or to ... Read More »

NEW COMPETITION LURKING IN THE WINGS FOR CREDIT RATING

Notwithstanding the imminent ‘thumb of government’ a number of companies have indicated their interest in entering the credit rating business:  Morningstar (see page 15), Bloomberg, Coface, Kroll, Hearst and not to be left out KPMG and PwC.  What makes them think they will do better?     BIIA Newsletter June I – 2010 Issue Read More »