BridgeNews to close global news operations

Singapore, Aug 10: US media company Bridge Information Systems will close its global news operations in several weeks, according to a memo sent to staff this week.

Bridge Information Systems executive vice-president Angus Robertson said in the memo, dated Aug 9, that BridgeNews would close for various reasons including “brutal” market forces, Dow Jones newswires reported today.

St Louis-based Bridge Information Systems began Chapter 11 bankruptcy proceedings in February and has been gradually selling off its businesses and assets to rival news agencies Dow Jones Newswires and Reuters.

Mr Angus said in the memo thatBridge Information Systems ’s financial journalists were known for their speed, accuracy and insight and should be proud of their high standards.

The development follows Bridge Information Systems’s sale of equities, commodities and energy news contracts to Dow Jones Newswires, a unit of Dow Jones & Co., for $ 6.5 million.

Dow Jones Newswires has also agreed to hire 10 members of the current BridgeNews staff as part of the deal. The deal must be submitted for approval to the US bankruptcy court in St Louis, which
is overseeing Bridge Information Systems ’s filing of bankruptcy.

-- PTI