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Deals & People August 21, 2009
A New Name for the DJIA?
The Dow Jones Industrial Average (DJIA), long an iconic measure of the stock market’s performance, may soon have a new name.
Reported by Fred Schneyer
The Wall Street Journal said Dow Jones & Co. Inc. has
held exploratory talks with potential buyers for its equity indexing property
in a process conducted by Goldman Sachs. The news report indicated the talks
could lead to a joint venture or some other type of corporate combination.
According to the Journal, the indexes business, which
creates and licenses indexes for use on mutual funds, exchanged-traded funds,
and other products, is a relatively stable and profitable unit for Dow Jones.
For the nine months ending September 2007, the last period
reported by the then-independent company, the index unit posted revenues of
$101 million. The DJIA was introduced in 1884.
The Journal said representatives from Dow Jones, the News
Corporation, and Goldman Sachs all declined to comment.