Dow Jones Newswires has won the bidding for Bridge Information Systems' equities and commodities/energy news contracts. The $6.5 million bid gives Dow Jones access to financial professional customers in the North American equities markets (primarily through Bridge platforms) and traders and others in the commodities/energy segments (primarily through other distribution platforms).
Under the terms of the deal, Dow Jones Newswires also will provide news to all current Bridge customers on an interim basis until other Bridge assets can be sold, at which point these customers may choose to continue receiving Dow Jones Newswires on standard terms.
Dow Jones Newswires has also agreed to hire 10 members of the current Bridge News staff.
The agreement between the two firms will be submitted for approval to the US bankruptcy court in St. Louis, which is overseeing the Bridge bankruptcy.
Gordon Crovitz, senior vice president, electronic publishing, of Dow Jones & Company says the deal will give Bridge News customers uninterrupted access to news during the Bridge bankruptcy proceeding and beyond.
Dow Jones Newswires provides real-time news for financial professionals across five asset classes: equities, fixed-income, foreign exchange, commodities and energy. The division also offers news for financial firms' Web sites.