Hearst Corporation To Increase Equity Interest In Fitch Group To 50 Percent
NEW YORK – Fimalac S.A., the French parent company of global ratings agency Fitch Group, today announced it will sell Hearst Corporation an additional 10 percent interest in Fitch, bringing Hearst’s equity interest to 50 percent. The transaction is valued at $177 million. Hearst acquired its original interest in Fitch from Fimalac, a public company, in March 2006. The transaction is expected to close in the first quarter of this year after receipt of all necessary regulatory approvals.
“The acquisition of an additional 10 percent interest in Fitch demonstrates our confidence in the company and in its future growth,” said Frank A. Bennack, Jr., CEO of Hearst Corporation. “We look forward to becoming an equal partner with Fimalac in this important worldwide business.”
Fitch is comprised of Fitch Ratings and is a leading global rating agency committed to providing the world’s credit markets with accurate, timely and prospective credit opinions. Fitch also includes Fitch Solutions, a distribution channel for Fitch Ratings products and a provider of data, analytics, and related services. For additional information, please visit www.fimalac.com.
About Hearst Corporation
Hearst Corporation (www.hearst.com) is one of the nation’s largest diversified media and information companies. Its major interests include ownership of 15 daily and 37 weekly newspapers, including the Houston Chronicle, San Francisco Chronicle, San Antonio Express-News and Albany Times Union; hundreds of magazines around the world, including Good Housekeeping, Cosmopolitan, ELLE and O, The Oprah Magazine; 29 television stations, which reach a combined 18 percent of U.S. viewers; ownership in leading cable networks, including Lifetime, A&E, History and ESPN; significant holdings in the automotive, electronic, medical/pharmaceutical and financial information industries; Internet and marketing services businesses; television production; newspaper features distribution; and real estate.
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