Has Newswire reached the end of its press release life? UBM is selling PR Newswire to Cision for $841 million, according to the Guardian. The company is selling its press release distributer in order to focus on other aspects of its company, namely its events operation.
UBM will receive $810 million of the $841 million in cash, the rest being obtained through equity, according to Bloomberg. Shareholders will receive $327 million via a special dividend.
The deal has been in the works since September and should be completed within the year, according to the New York Times.
"We are serious about building a comprehensive platform to help our clients manage the entire life cycle of communications - from influencer discovery and content distribution to engagement and campaign analysis," said Cision Chief Executive Peter Granat, according to the New York Times.
Cision hopes the deal will strengthen its public-relations services, according to Bloomberg. UBM hopes the deal will help strengthen its global events operations.
This isn't the first acquisition by Cision, as it acquired the private equity group known as Exponent for more than $300 million last year, according to the Guardian.
