Nasdaq could sell its PR and media services products

Nasdaq is looking at whether to offload some of its products used by PRs, including the press release distribution service GlobeNewswire.

Nasdaq could sell its PR and media services products

Nasdaq said it has "commenced a process to evaluate potential strategic alternatives for the Public Relations Solutions and Digital Media Services units".

Those units include GlobeNewswire, a new influencer relations tool, a media monitoring service, and web hosting and webcast services for investor relations and comms teams.

The process is "a result of Nasdaq's refined strategic direction, which emphasises the company allocating more resources towards technology, data and analytics opportunities, leveraging its capital markets foundation", according to a statement yesterday from the information and b2b services giant that operates the stock exchange of the same name.

Nasdaq said the PR and digital units "generated approximately $195m [£145.8m] of revenues and $25m [£18.7m] of operating income" in the 12 months to 30 June. This means it constitutes less than a tenth of the business, with full-year revenues totalling $2.28bn (£1.7bn) in 2016.

Nasdaq said it had not set a definitive timetable nor made "final decisions related to specific strategic alternatives at this time", and would maintain its service levels while the process was carried out.

Michael Piispanen, who led the PR business within Nasdaq's corporate solutions segment, left the firm earlier this year and has since joined rival firm Cision.

In January, PRWeek US interviewed Nasdaq's new CEO Adena Friedman on her first day in the new job.

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