Thomson Reuters enters into definitive agreement to sell FindLaw business to Internet Brands pending regulatory approvals
Rhea-AI Summary
Thomson Reuters (TSX/NYSE: TRI) has announced a definitive agreement to sell its FindLaw business to Internet Brands, pending regulatory approvals. The transaction is expected to close in the fourth quarter of 2024. FindLaw, established over 20 years ago, is a premier destination for legal assistance and a key marketing platform for law firms.
Internet Brands, a fully integrated online media and software services company, operates digital platforms in high-value vertical categories, including Health and Legal. This sale will allow both Thomson Reuters and Internet Brands to focus on their strategic priorities, while ensuring continued top-tier service for FindLaw customers.
Centerview Partners served as financial advisor to Thomson Reuters for this transaction.
Positive
- Strategic divestment allowing Thomson Reuters to focus on core business priorities
- Expected closure of the deal in Q4 2024, indicating a clear timeline for completion
Negative
- None.
News Market Reaction 1 Alert
On the day this news was published, TRI declined 1.77%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Over the last 20 years, FindLaw has established itself as a premier destination for legal assistance and a key marketing platform for law firms. Internet Brands' proprietary operating model has powered best-in-class digital platforms for consumers and commercial partners since 1998 and is well-positioned to invest in and expand the FindLaw business.
This transaction will allow both Thomson Reuters and Internet Brands to concentrate on their strategic priorities, ensuring customers continue to receive top-tier service and support from FindLaw.
The transaction is expected to close in the fourth quarter of 2024, pending regulatory approvals.
Centerview Partners LLC served as financial advisor to Thomson Reuters.
Thomson Reuters
Thomson Reuters (TSX/NYSE: TRI) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth, and transparency. Reuters, part of Thomson Reuters, is a world leading provider of trusted journalism and news. For more information, visit tr.com.
Internet Brands
Internet Brands®, headquartered in El Segundo, Calif, is a fully integrated online media and software services company focused on four high-value vertical categories: Health, Automotive, Legal, and Home/Travel. The company's properties and platforms include the WebMD, Medscape, and Henry Schein ONE networks, which are the global leaders in their markets; Nolo, Avvo, and Martindale, which form the largest consumer information provider in the legal market; and CarsDirect, Fodor's Travel, and many others which are leaders in their key vertical markets. Internet Brands' award-winning consumer websites lead their categories and serve more than 250 million monthly visitors, while a full range of web presence offerings has established deep, long-term relationships with SMB and enterprise clients. The company's powerful, proprietary operating platform provides the flexibility and scalability to fuel the company's continued growth. Internet Brands is a portfolio company of KKR and Warburg Pincus.
Special Note Regarding Forward-Looking Statements, Material Risks and Material Assumptions
Certain statements in this news release are forward-looking, including but not limited to the expected closing date of the proposed transaction. The words "will", "expect" and similar expressions identify forward-looking statements. While Thomson Reuters believes that it has a reasonable basis for making forward-looking statements in this news release, they are not a guarantee of future performance or outcomes and there is no assurance that any of the other events described in any forward-looking statement will materialize. Forward-looking statements are subject to a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from current expectations. Many of these risks, uncertainties and assumptions are beyond Thomson Reuters' control and the effects of them can be difficult to predict. You are cautioned not to place undue reliance on forward-looking statements which reflect expectations only as of the date of this news release. Except as may be required by applicable law, Thomson Reuters disclaims any obligation to update or revise any forward-looking statements.
Media Contacts:
Thomson Reuters
Lindsay Bomar
Lindsay.Bomar@thomsonreuters.com
Internet Brands
Joe Ewaskiw
joe.ewaskiw@internetbrands.com
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SOURCE Thomson Reuters
FAQ
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