News Publishers Buy Stake in Topix.net
Posted on April 1, 2005Gannett Co., Inc., Knight-Ridder, Inc. and Tribune Company jointly have acquired a 75 percent stake in Topix.net, an online news portal. Topix.net features links to news and information from more than 10,000 news sources including newspapers, magazines, radio, television stations and weblogs. Topix.net distributes news through its website, RSS feeds and email news alerts. Topix.net uses its NewsRank technology to deliver highly relevant news, using concept, instead of simple keyword searches. It also delivers published news stories organized by ZIP code.
Ownership is split evenly, with each media company owning 25 percent and the Topix.net founders retaining a 25 percent stake. Financial terms of the transaction were not disclosed. Topix.net said it will use content and funding from Gannett, Knight Ridder and Tribune to expand and refine its NewsRank technology, services and operational infrastructure. Topix.net will operate as an editorially independent, stand-alone company managed by Topix.net's executive team.
"People want the news that's relevant to them - where they live, the business that they are in, the topics they care about. Topix.net's technology will leverage the media assets and broad reach of our three companies in entirely new ways," said Jack Williams, senior vice president diversified business and development at Gannett. "We are extremely pleased to partner with Topix.net to grow and develop its service and help audiences find the news they want online."