NEW YORK: Three financial-news providers last week announced a partnership designed to provide a more affordable alternative to business newswires like Reuters, Bloomberg, and Dow Jones.
Each of the three real-time financial-information providers - CBS MarketWatch, AFX News, and Xinhua Financial Network - will retain their own brands, as well as their sales and editorial operations. The deal brings together 5,000 journalists worldwide, who produce about 10,000 news items each day.
"It's a combination of the three providers," said Dan Silmore, director of marketing and PR for CBS MarketWatch. "This will be an umbrella brand - a b-to-b brand providing
combined sets of news to the terminal providers."
The venture, named World Business News, enters a competitive sector and, with its announcement, faced criticism for being composed in part of government-sponsored news agencies. Xinhua's largest shareholder is owned by the Chinese government, and AFX is owned by Agence France Presse, which is partially owned by the French government.