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.
Report: Obama Plans Executive Action By Giving 34 Million Work Visas to Illegal Immigrants | Katie Pavlich
New Ebola Czar to Skip Oversight Committee Hearing About Multi-Agency Ebola Response | Katie Pavlich