FITCH Group becomes HEARST's largest wholly-owned business
The transaction is valued at USD 2.8 billion. HEARST acquired its original interest in FITCH Group in 2006, and increased its holdings to 80 percent in 2015.
"With this purchase, FITCH Group becomes HEARST's largest wholly-owned business," said HEARST President and CEO Steven R. SWARTZ. "FITCH CEO Paul TAYLOR has built a great team that has delivered impressive growth in the ratings and information services businesses...We now look forward to FITCH's continued success as a wholly-owned HEARST property." "HEARST and FITCH share a commitment to innovation and helping clients utilize information to make smarter decisions," TAYLOR said. "We are excited to continue growing FITCH's ratings, solutions and learning services businesses, and to work even more closely with colleagues across HEARST's divisions."
FITCH Group is an international leader in the financial services industry with operations in more than 30 countries, comprised of FITCH Ratings (a global leader in credit ratings and research), FITCH Solutions (an authority in credit and macro intelligence providing fixed-income products and services to the global financial community) and FITCH Learning (a preeminent source of training and professional development). FITCH provides key insights and analyses that inform better decision-making in financial markets.
HEARST is one of the US largest diversified media, information and services companies with more than 360 businesses. Its major interests include ownership in cable television networks; global ratings agency FITCH Group; HEARST Health, a group of medical information and services businesses; 31 television stations; newspapers; nearly 300 magazines around the world; digital services businesses; and investments in emerging digital and video companies.