SAN FRANCISCO, June 10 /PRNewswire/ -- MarketWatch.com, Inc.
(Nasdaq: MKTW) today closed its previously announced acquisition of BigCharts
Inc. BigCharts Inc. is one of the top-ten trafficked financial sites and an
industry-leading provider of objective, data-driven online financial content
for self-directed investors. The acquisition will enable MarketWatch.com to
increase the number and quality of financial tools it provides investors,
enhancing its position as a leading, branded web site for comprehensive,
real-time business news and financial programming.
Under the terms of the agreement, MarketWatch.com, Inc. exchanged
approximately 2,175,000 shares of its common stock (including shares issuable
upon exercise of assumed BigCharts options) in addition to $6 million in cash
in exchange for all outstanding BigCharts Inc. securities.
MarketWatch.com, Inc. will account for this transaction under the purchase
method of accounting. BigCharts Inc. will retain its key management and be
operated as a wholly owned subsidiary of MarketWatch.com, Inc. In addition to
continuing to serve as BigCharts' President and CEO, Philip Hotchkiss will
join MarketWatch.com's Board of Directors.
About MarketWatch.com, Inc.
MarketWatch.com, Inc., http://cbs.marketwatch.com (Nasdaq: MKTW) is a
leading Web-based provider of comprehensive, real-time business news,
financial programming and analytic tools. The editorial team contributes
financial and economic reports to national CBS radio news feeds, CBS EVENING
NEWS WITH DAN RATHER, and CBS News' THIS MORNING. MarketWatch.com was
launched in October 1997, as a joint venture between CBS Broadcasting Inc., a
wholly owned subsidiary of CBS Corporation (NYSE: CBS), and Data Broadcasting
Corporation, http://www.dbc.com, (Nasdaq: DBCC), the country's leading
provider of real-time financial and market information for the individual
investor. CBS and DBC are controlling stockholders of MarketWatch.com.
MarketWatch.com is headquartered in San Francisco and has bureaus in New York
City, Washington D.C., Los Angeles, London and Tokyo.
About BigCharts Inc.
BigCharts, Inc., based in Minneapolis, is a leading provider of licensed
online financial charting content to electronic brokers, financial publishers
and portals. Based on Media Metrix data, its Internet site, BigCharts.com, is
one of the most popular financial destination sites on the web. It receives
critical acclaim for design, ease of use and depth of functionality. In
addition, the company designs, produces and markets interactive financial
charting products to institutional clients in the online brokerage, online
publishing, Internet portal, and online Finance industries.
Forward looking statements in this release are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995.
You are cautioned that such forward-looking statements involve significant
risks and uncertainties. Actual results may differ materially from those in
the forward-looking statements due to a number of factors, including and
without limitation: (i) risks to the merger, such as, risks involved in
assimilating BigCharts, risks involved in integrating, retaining and
motivating key BigCharts personnel, risks related to integrating and managing
geographically-dispersed operations, risks related to integrating the
technologies and infrastructures of the companies, and risks related to the
acceptance by BigCharts' brokerage customers of the merger; (ii) risks
inherent in BigCharts' business, such as, its dependence on short-term
customer contracts, its dependence on a small number of customers for a
significant portion of its revenues, its dependence on maintaining
relationships with key customers, and the extremely limited operating history
of BigCharts on which to base any revenue projections; (iii) risks to
MarketWatch.com of the increased negative cash flow and increased operating
expenses arising out of, among other items, the proposed BigCharts merger;
(iv) the risk that BigCharts customers and distribution partners will not
utilize any additional services of the combined company; (v) risks related to
the achievement of new revenue to MarketWatch.com from the BigCharts
operations; and (vi) risks relating to MarketWatch.com's ongoing operations as
detailed in MarketWatch.com's filings with the Securities and Exchange
Commission. In particular, see the risk factors described in
MarketWatch.com's Form S-1 Registration Statement for its initial public
offering (SEC File Number 333-65569), and in its Form 10-K/A for the fiscal
year ended December 31, 1998. MarketWatch.com does not assume any obligation
to update the forward-looking information contained in this press release.
SOURCE MarketWatch.com, Inc.
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Related links:
http://cbs.marketwatch.com
Company News On-Call:
http://www.prnewswire.com/comp/231014.html or fax,
800-758-5804, ext. 231014
CONTACT:
Chris Lind, christine@middleberg.com, or Rob
Argento, rob@middleberg.com, both of Middleberg + Associates,
212-888-6610; or Philip Hotchkiss of BigCharts Inc., 612-419-0323
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