News sells Eureka Report to AWI

News Corp Australia has sold investor advice newsletter and website Eureka Report to Australasian Wealth Investments for an undisclosed amount.

The financial services group announced yesterday it would acquire 100 per cent of Eureka Report however the brand will retain its editorial and analytical teams to preserve the integrity and reliability of its advice.

AWI, which operates InvestSMART, Intelligent Investor and Your Share, plans to expand Eureka Report’s content, research and distribution capabilities and expects the transaction will be earnings accretive in the 2017 financial year.

“The purchase of Eureka Report,” said Ron Hodge, chief executive and managing director of AWI, “means we can deliver high-value services such as quality research, stock recommendations, investment planning, online portfolio management, and self-managed accounts to hundreds of thousands of people that are taking control of their investments but need expert support to help them do that successfully.

“Interestingly, there is also little overlap between Eureka members and our existing users.”

News acquired Eureka Report in 2012 along with Business Spectator, which is currently being fully integrated into The Australian.

Writing for The AustralianEureka Report’s founder Alan Kohler said he had no regrets about the 2012 sale and that “Business Spectator has been an important part of The Australian’s success in the business media category over the past few years, as intended”.

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