March 25 (Reuters) - Rupert Murdoch’s News Corp said on Thursday it would acquire Los Angeles-based financial news firm Investor’s Business Daily (IBD) from O’ Neil Capital Management for $275 million.
The deal comes at a time when many media organizations across the world are aggressively cutting costs to cope with the brunt of the COVID-19 pandemic’s economic impact.
IBD, which has about 130 employees and operates the Investors.com website, will come under Wall Street Journal parent Dow Jones after the acquisition and continue to based at its headquarters, News Corp said.
Founded in 1984, IBD also publishes a print edition once a week, apart from detailed business news and research reports on its website that caters to about 100,000 subscribers.
The transaction is expected to close by the end of June, News Corp said. (Reporting by Eva Mathews in Bengaluru; Editing by Ramakrishnan M.)