The Thomson Corporation is to offload a large chunk of its financial market portfolio, including publications, business products and services primarily targeting the US commercial banking sectors and related niche markets.
Richard Harrington, president and CEO of Thomson Corporation comments: "We have recently completed a thorough evaluation of the evolving markets in which Thomson Financial competes. Although these are outstanding businesses with strong management, and well-established customers and brands, they are primarily print-based, domestic companies and, therefore, do not fit within our vision for Thomson Financial as a leading e-solutions provider to the global financial services industry."
Major businesses and brands to go include American Banker, The Bond Buyer, A.S. Pratt, Credit Union Journal, National Mortgage News, and Sheshunoff Information Services. Other niche market titles include, Financial Planning, On Wall Street, Securities Industry News, and Traders Magazine.
Patrick Tierney, president and CEO of Thomson Financial says the company has repositioned over the past year to sharpen its focus on providing increased analytical and workflow functionality, and technology and distribution services to the international securities industry. "While the businesses we are selling have well-established customer bases, unique data and information and strong brand names, they simply fall outside our strategic core focus," he says.
Thomson has retained Morgan Stanley to be its financial adviser on the sale. The transaction is expected to be completed later this year.