The financial terms of the transaction, which was announced on January 17, 2006, were not disclosed. Business Wire is now a wholly-owned subsidiary of Berkshire Hathaway.
"Our association with Berkshire Hathaway has already generated considerable excitement in the marketplace," noted Cathy Baron Tamraz, Business Wire's president and chief executive officer. "Beyond the obvious financial resources, Warren Buffett is recognized and respected worldwide for his business acumen. The response from our clients, business partners and employees has been overwhelmingly positive. We look forward to making our new owner very proud."
Business Wire's experienced management team--a key factor in Buffett's decision to acquire the company--will remain intact. The transition in ownership will not have an impact on the company's day-to-day operations. Business Wire registered double-digit growth in 2005, with its offices in London and Frankfurt ranking among the highest percentage increases on a year-to-year basis.
About Business Wire:
Business Wire was founded in 1961 by chairman Lorry I. Lokey, veteran journalist and public relations executive.
The company's multi-channel delivery network, with access to some 60 international and national news agencies, financial information providers and Web-based news services throughout North America, Europe, Asia, Latin America, the Middle East and Africa, provides real-time, simultaneous access to key audiences -- the news media, trade publications, institutional and individual investors, business-to-business decision-makers and consumers.
Business Wire electronically disseminates some 1,000 full-text news releases daily to the media, the Internet, online services and databases, and the global investment community in 150 countries in 45 languages. Business Wire has 24 U.S. offices, Paris, Frankfurt, London, Brussels, Tokyo and Sydney offices, and reciprocal offices throughout the world.
About Berkshire Hathaway:
Berkshire Hathaway and its subsidiaries engage in a number of diverse business activities among which the most important is the property and casualty reinsurance business conducted on both a direct and reinsurance basis. Common stock of the company is listed on the New York Stock Exchange, trading symbols BRK.A and BRK.B.