Dow Jones Buys Rest of SmartMoney From Hearst

smartmoney03022010.gifDow Jones & Co. announced today that it would buy the half of SmartMoney it didn’t already own from Hearst Publications. Dow Jones, a financial-news arm of Rupert Murdoch’s News Corp., now owns 100% of SmartMoney, a print and online personal-finance publication.

SmartMoney joins The Wall Street Journal, Dow Jones Newswires, Barron’s and MarketWatch under the Dow Jones umbrella of financial-news properties.

“Having the SmartMoney franchise 100% integrated with the Dow Jones and Wall Street Journal teams will provide the avenues for the brand to grow exponentially,” said Dow Jones president Todd Larsen in a statement.

The Wall Street Journal had reported last week that the transaction would take place.

Full press release after the jump.

NEW YORK, March 2, 2010 (GLOBE NEWSWIRE) — Dow Jones & Company is expanding its portfolio of personal finance content by acquiring the Hearst Corporation’s 50% interest in the SmartMoney franchise, bringing Dow Jones’ total interest to 100%. The SmartMoney franchise includes SmartMoney magazine, and SmartMoney Custom Solutions, a custom publishing division. SmartMoney has been a partnership between Dow Jones and Hearst since 1991. Financial details about the transaction will not be disclosed.

“SmartMoney is a natural fit within Dow Jones, having carried brand association with The Wall Street Journal since its launch,” said Todd Larsen, president of Dow Jones & Company. “SmartMoney is a trusted brand with high quality editorial and a clear focus on personal finance news and information. During this turbulent economy, when many readers are seeking long-term guidance on managing a variety of personal finance issues, the need for high quality content in this space has never been greater. Having the SmartMoney franchise 100% integrated with the Dow Jones and Wall Street Journal teams will provide the avenues for the brand to grow exponentially.”

Since its inception in 1992, SmartMoney has provided its readers with
practical ideas for saving, investing, and spending. With a current print and online audience of nearly six million, SmartMoney provides in-depth coverage of technology, automotive and lifestyle subjects including travel, fashion, fine wine, and more. The SmartMoney editorial team has earned three National Magazine Awards and was a finalist 14 times. Its editorial team includes three Pulitzer Prize winners.

“We’ve enjoyed the nearly 20-year relationship we’ve had with Dow Jones,” said Cathleen P. Black, president, Hearst Magazines.

“SmartMoney magazine, and Custom Solutions from SmartMoney will undoubtedly benefit as part of the Dow Jones portfolio of respected financial media brands, and we are sure that they will continue to thrive under their leadership.”

“Hearst has been a superb partner for Dow Jones. Hearst has been committed to the same principles as Dow Jones–high quality editorial steeped in the high standards and ethics of the Journal as fostered by the leadership of Cathie Black and her team,” said Mr. Larsen.