FT buys Money-Media.com

Distributed by www.guardian.co.uk

The Financial Times has made its second online acquisition in three months, purchasing Money-Media.com, the US global fund management news and commentary site.

Money-Media.com has a small but influential audience and offers premium-priced news and analysis websites to mutual fund directors, company executives and institutional and high-net-worth money management professionals.

It also runs conference provider ODX and owns online job listing service, JobBlast.

Today's purchase, for an undisclosed sum, comes after rival Wall Street Journal was taken over by Rupert Murdoch's News Corporation, which has announced plans to make its online operation more competitive.

The FT already publishes FTfm, a global weekly supplement aimed at the US fund management market. And the purchase will see Money-Media.com expand into Europe and Asia.

This acquisition supports and extends our strategy of building strong subscriber and digital businesses in core sectors, said John Ridding, chief executive of the FT.

Money Media has built a senior and loyal audience in the US. They have a strong management and editorial team whose entrepreneurial approach is an excellent fit with the FT. We see substantial scope for international growth with their publications.

The purchase marks the FT's second acquisition in three months, following its purchase in October of online recruitment specialist, Exec-Appointments.

Money-Media was founded in 1996 by its sole voting shareholder, chief executive Michael Griffin. It has a staff of 70, including 23 editorial, and is based in New York.

Distributed by www.guardian.co.uk