Cision stumps up $841m to snap up PR Newswire
Media intelligence firm Cision is to acquire company news giant PR Newswire for $841m in a deal expected to conclude during the first quarter of 2016.
Cision will maintain the PR Newswire brand following conclusion of the deal, operating it as a separate division under the direction of Cision CEO Peter Granat.
The acquisition comes as Cision seeks to expand its interests beyond traditional press releases to encompass content marketing and multimedia, key sectors for PR Newswire.
In a statement Cision said the deal would allow it to build tools for ‘intelligence gathering, distribution, monitoring and analytics’ as it reshapes itself for the digital age.
The partnership will also offer customers a one-stop shop by parcelling services into ‘one end-to-end communications platform’.
Cision has made five acquisitions over the past 18 months including PR software firm Vocus and Gorkana, the media intelligence firm.