Buffett and Tamraz celebrated Business Wire's recent acquisition by Berkshire Hathaway (NYSE: BRK.A and BRK.B), a diversified holding company with major interests in property and casualty reinsurance. They were joined on the podium by James Maguire Sr., the LaBranche & Company specialist who trades Berkshire Hathaway's shares, and senior executives from Business Wire's New York and San Francisco co-headquarters.
“We have been a trusted link between corporate issuers and market participants for nearly a half-century. We are extremely proud to be a valued member of the Berkshire Hathaway family.”
The transaction, which was completed in February, makes Business Wire a wholly owned subsidiary of Berkshire Hathaway (Fortune 12), which is consistently ranked among the world's most admired companies. Business Wire's management and employees have all been retained to ensure a seamless transition.
"Today's honor is truly special given Business Wire's unique and growing role in the global financial markets," said Tamraz. "We have been a trusted link between corporate issuers and market participants for nearly a half-century. We are extremely proud to be a valued member of the Berkshire Hathaway family."
"Berkshire Hathaway's strategy is to invest in industry-leading companies," said Buffett. "Business Wire clearly meets our stringent standards. Under Cathy's leadership, Business Wire has set the sector agenda with its technology leadership, service innovations, and rapid growth in key European and Asian markets."
Business Wire is the leading global distributor of corporate news, multimedia and regulatory filings. Roughly half of U.S.-listed companies use Business Wire to meet their disclosure requirements. Business Wire distributes price-sensitive news to the media, institutional and individual investors, and online services via its proprietary distribution platform, simultaneously and in real-time.
Business Wire's global expansion in recent years has been aided by the adoption of the North American disclosure model by overseas financial markets. Business Wire is sanctioned by the UK's Financial Services Authority as an approved Regulatory Information Service, and operates regulatory networks in a half-dozen European financial capitals. Business Wire is positioning itself for January 2007 implementation of the European Union's Transparency Obligations Directive, which harmonizes disclosure standards across all 25 Member States.
The company also has moved aggressively in developing ease-of-use XBRL applications for investor relations professionals, including its "EarningsDirect" product. Its joint venture, CoreFiling, provides XBRL consulting services.
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.
About Business Wire:
Business Wire, a Berkshire Hathaway company, was founded in 1961 by Lorry I. Lokey, veteran journalist and public relations executive. Cathy Baron Tamraz is president and CEO of the company.
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.
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