Thomson Corp. to purchase AFX from AFP

Posted by Maddie Hanna on June 16, 2006 at 4:45 PM

London-based AFX News Ltd. will soon be changing hands. Electronic publisher Thomson Corp. is purchasing the business news agency from Agence France-Presse, the companies announced Wednesday.

The sale is reportedly worth $20 million. Thomson Financial’s President of Europe and Asia, Donal Smith, told Reuters the purchase of the business, financial and economic news service was intended to create “deeply specialized news services for investment bankers and fund managers, rather than another business news wire.”

While AFX currently has just over 100 journalists in about 12 European bureaus, a Thomson spokesman said the corporation wants to double that number in 18 months.

Thomson also plans to expand AFX coverage beyond major European markets, looking into emerging markets, Eastern Europe and potentially the Middle East.

Source: Reuters (through Ifra Executive News Service)

Posted in :