LONDON (Brand Republic) - Reuters, the business information provider, has taken a 25% stake in Citywire.co.uk, an online financial news site.
The deal, believed to be worth several million pounds, comes at a time when other financial websites, such as the failed thestreet.co.uk, have been hit by a downturn in the value of internet stock.
Under the terms of the deal, Citywire’s 18 writers, some of whom are qualified investment advisors, will contribute commentary and share tips to Reuters’ proposed UK-based personal finance portal, which launches later this year. Reuters journalists are prevented from offering opinion under the company’s trust principle.
Citywire was founded in 1999 by Lawrence Levin, former financial editor of the Mail on Sunday, and has since become best known for revealing the secret share deals of some of the city’s biggest investors. It provides news and comment on unit and investment trusts and smaller quoted companies.
The two-year-old website is expected to float on the stock exchange in the next three years.
www.citywire.co.uk