Hearst Ups Equity Interest in Fitch Group to 50 Percent
Hearst Corporation increased equity interest to 40 percent in 2009.
Hearst Corporation has upped its equity interest in global credit ratings agency Fitch Group again, adding an additional 10 percent. The transaction, valued at $177 million, brings Heart’s total equity interest to 50 percent.
Hearst first acquired interest in Fitch in March 2006 from French financial services and data group Fimalac. The company then increased its equity interest to 40 percent in summer 2009 with an additional 20 percent stake, which was valued at $426.2 million.
Frank Bennack Jr., CEO of Hearst Corporation, says in a prepared statement, “The acquisition of an additional 10 percent interest in Fitch demonstrates our confidence in the company and in its future growth. We look forward to becoming an equal partner with Fimalac in this worldwide business.”
Fitch houses Fitch Ratings, which provides global credit markets with credit opinions; as well as Fitch Solutions, a distribution channel for its Ratings sector and an analytics and data provider. According to Reuters, Fitch is considered the third rating agency behind Moody’s Corp and McGraw-Hill’s Standard & Poor.
Hearst Corporations is the home of Hearst Magazines, along with Hearst Newspapers, 29 television stations and holdings in several industries such as automotive, electronic and financial.