Thomson Corporation, parent company of financial information vendor Thomson Financial, has signed a definitive agreement to buy Corporate Communications Broadcast Network, a Boston-based provider of Web-based information systems for investment firms, for an undisclosed sum.
CCBN's services are used by more than 3000 companies to deliver information via interactive and multi-media systems. The company's StreetEvents service enables institutional and corporate investors to manage disclosure information by aggregating conference calls, Webcasts, transcripts and other financial information.
Jeffrey Parker, chairman and CEO, CCBN, says: "Thomson Financial's infrastructure and product line are highly complementary to our existing offerings, and will help continue CCBN's mission of improving communications between public companies and the investment community."
Sharon Rowlands, president and chief operating officer, Thomson Financial, says the acquisition "is squarely in line with Thomson Financial's strategic focus on providing comprehensive analytical and workflow products, technology and distribution services to the securities industry."
Thomson already owns a 10% stake in CCBN. In July 2002, CCBN filed a lawsuit accusing the firm of breach of contract and of using confidential information from CCBN board meetings to unfairly compete against the firm.
According to press reports, Thomson has been in talks to buy CCBN since November last year and a purchase would end the lawsuit.