Tuesday, September 22, 2009

Financial Web Site Cashing In to the Tune of Millions

"City hack to land a £10m scoop," is the way the UK's Times Online put it.

A former journalist looks set for a £2.7 million (US$4.32 million) payday from the sale of his internet-based financial analysis aite. Hugo Dixon is in advanced talks to sell Breakingviews.com to the media giant Thomson Reuters, after agreeing a price of about £10 million (US$16.2 million).

The deal will also bring a windfall for those who backed the online venture, including Stephen Hester, chief executive of Royal Bank of Scotland, Lord Davies, the UK's trade minister, and investment bankers.

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