News Corp announced Monday an agreement to buy Oil Price Information Service (OPIS) for $1.15 billion in cash, from S&P Global Inc. and IHS Market Ltd. . The media and information services company said OPIS, the digital data, analytics and insights provider, will become part of the Professional Information Business of News Corp’s Dow Jones business, including Dow Jones Risk & Compliance, Dow Jones Newswires and Factiva. As part of the deal, News Corp expects to receive an estimated tax benefit of $180 million. The deal is expected to close in the fourth quarter of 2021. “OPIS will be the cornerstone for a rising commodities, energy and renewables digital business that we are convinced will have a positive impact on Dow Jones and News Corp,” said News Corp. Chief Executive Robert Thomson. News Corp’s stock, which was still inactive in premarket trading, has gained 32.3% year to date, while the S&P 500 has advanced 17.0%. News Corp is the parent of Dow Jones and MarketWatch, the publisher of this report.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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