The two best-known stock market indexes will be jointly owned under a venture between the companies that operate the Dow Jones industrial average and the Standard & Poor's 500.
McGraw-Hill Cos. and CME Group Inc. on Friday announced a venture called S&P/Dow Jones Indices. Other S&P and Dow indexes besides the two best-known ones are covered under the deal.
The venture is expected to generate revenue of more than $400 million from sources that include licensing agreements with financial products such as mutual funds.
New York-based McGraw-Hill will own 73 percent of the venture, with Chicago-based CME Group owning more than 24 percent through affiliates. News Corp.'s Dow Jones & Co. will own 2.6 percent.
S&P/Dow Jones Indices is expected to be operational in the first half of next year.
Afghan Woman Who Was Beaten To Death By Mob For Allegedly Desecrating The Koran Was Innocent | Matt Vespa
‘He’s Had His Run’: Group Wants to Replace Andrew Jackson with Influential Women on Twenty Dollar Bill | Cortney O'Brien
Headache: Three Shiite Militias Withdraw From The Fight In Iraq, ISIS Continues To Skim Millions From Iraqi Government Workers | Matt Vespa