New York—News Corp.'s Dow Jones & Co. announced Wednesday that it has sold 90% of its Dow Jones Indexes business to futures and options exchange CME Group.
Dow Jones and CME Group will operate the global financial index services business as a joint venture valued at $675 million. Dow Jones will own 10% of the business.
The companies said the new joint venture plans to raise $613 million in third-party debt, which will be used to pay a $607.5 million distribution to Dow Jones. “This affords Dow Jones the opportunity to tighten its focus on its news and business information products while preserving and protecting an iconic business brand,” Dow Jones CEO Les Hinton said in a statment.
In conjuction with Dow Jones' earlier sale of its interest in STOXX Ltd., these divestments total almost $1 billion for Dow Jones.