The website eFinancialNews.com was a financial news service whose target readership was the investment banking, fund management, and securities community. It was also the publisher of Private Equity, a weekly publication focused on the European private equity sector. Just before its 2008 acquisition by Dow Jones & Co, publisher of Wall Street Journal, MarketWatch, and Dow Jones Newswires, eFinancialNews.com was forecast to have annual revenue of 15.4 million British pounds (about USD $19.7 million). Over half of this revenue was projected to be generated from non-print sources (Source). However, if you visit www.eFinancialNews.com today the site no longer exists. Why would a site that was making such substantial revenue stop publishing? We took the time to find out, and to suggest a few sites that can fill the void that eFinancialNews.com left.
The History of eFinancialNews.com
eFinancialNews.com went online for the first time at the end of February 2000. In its early days, the owners of the site announced that eFinancialNews.com would “analyze trends and issues and provide in-depth coverage of M&A (mergers and acquisitions), private equity, debt and equity capital markets, fund management, information technology, and recruitment” (Source).
Winning the Best Business Site Award
Two years after its launch, eFinanceNews.com won the award for the best business product or service in the UK Association of Online Publishers (AOP) awards. The UKAOP describes itself as “an industry body representing digital publishing companies that create original, branded, quality content” (Source). When they presented the award during the 2002 awards ceremony in London, the judges supported their decision by noting that eFinanceNews.com was way ahead in proving the sustainability of the online magazine subscription model.
The UKAOP judges also said that eFiancialNews.com had maintained the quality and reliability of content, news, and views (Source). They added that the website had accomplished an extensive reach without being “cannibalistic.” This was a view supported by a statistic that showed that out of 28,000 subscriptions, 23,000 were new. The award was also a recognition of the successes scored by the site in facilitating a transition to a paid-for service in an industry that was facing fierce competition (Source).
Dow Jones Acquires eFinancialNews.com
In April 2007, Market Watch announced that Dow Jones & Co. had agreed to acquire eFinancialNews Holdings Ltd. for 26.1 million British pounds ($51.8 million then). The deal was subject to a working capital adjustment. This is an agreement that the selling price would be adjusted depending on how much working capital the new buyer would takeover (Source).
At the time of the acquisition, it was reported that Dow Jones did not expect the deal to have a significant impact on its share price during the year of the sale. However, the company executives and analysts forecast a rise in the share price of between 3 cents and 5 cents in 2008 (Source).
What Then Happened to eFinancialNews.com?
The website eFinancialNews.com went offline on December 31, 2016. Attempting to access the site after that comes back with the message that the website “might be temporarily down or it may have moved permanently to a new web address.” What is clear, however, is that this was not just a temporary error because it’s been almost three years since the message started appearing.
Financial News Resources
ThisIsMoney.co.uk: Describes itself as the “online financial arm of the [Daily] Mail.” The Daily Mail is a British Newspaper established in 1896. ThisIsMoney also describes itself as the number one online destination for economic data, quality editorial, and advise (Source). It covers issues related to investments, mortgages, pensions, holidays, and savings. The site claims to attract 4.6 million monthly unique viewers, with over 3.5 million of them from the United Kingdom (Source).
Forbes Money: Is owned by American business magazine Forbes, which was established over 100 years ago by B.C. Forbes and Walter Drey. The success of Forbes’s digital magazine is indicated by the 71 million unique monthly visitors it attracts. According to Forbes, the publication focuses on information and news about business, affluent lifestyles, investing, leadership, entrepreneurship, and technology (Source).
Marketwatch.com: Is a US financial website that delivers business news, analysis, and stock market updates. This site is also owned by Dow Jones, the owner of eFinancialNews.com. The website also focuses on news and information about markets, investing, retirement, the economy, and personal finance. It also contains a video section where viewers can watch videos such as In the Elevator With FCC Chairman Ajit Pai and How this pilot turned his passion into a $2.5bn business. You can view more videos here.
MoneyMorning.com: Is a financial news site that regularly presents tips and specialist views about investments, new business enterprise ideas, the worldwide economy, and more. Money Morning claims to offer “access to a team of ten market experts with more than 250 years of combined investing experience – for free” (Source).
CNBC Markets: Claims to be the “number one business and financial news network on the planet.” The owners of this media company say that they aim to assist the trendsetters and the ambitious in making decisions that will keep them in front. It offers ideas about stock markets, business news, financials, and earnings. Most recent world economy news and worldwide market news are presented in its market overview section (Source).