Pearson to take full control of FTMarketWatch
LONDON - Pearson, the media group and publisher of the Financial Times, has confirmed that it plans to take full control of FTMarketWatch.com and integrate the stock market news and analysis site into FT.com.
Pearson said it will acquire the 50% stake in the site owned by MarketWatch.com, a unit of CBS. Pearson, however, will retain its 34% stake in MarketWatch.com. MarketWatch.com operates the cbsmarketwatch.com website in the US.
It is thought that up to 10 staff at FTMarketWatch.com will lose their jobs following the agreement to take full control of the site and integrate it with FT.com.
The news follows Pearson's announcement earlier this morning that profits at the FT Group are likely to be 40% lower than last year.
Steven Hill, CEO of the FT Group, said, "We have said that our FT internet businesses will break even by the end of 2002, and this is another step on that path to profitability."
Pearson announced earlier this year that it was to reduce its £150m online expenditure and 10% of its FT.com staff were cut in April.
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