Business Wire

Business Wire

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Business Wire is a company that disseminates full-text news release
News release
A press release, news release, media release, press statement or video release is a written or recorded communication directed at members of the news media for the purpose of announcing something ostensibly newsworthy...

s from thousands of companies and organizations worldwide to news media
News media
The news media are those elements of the mass media that focus on delivering news to the general public or a target public.These include print media , broadcast news , and more recently the Internet .-Etymology:A medium is a carrier of something...

, financial markets, disclosure systems, investors, information web sites, databases and other audiences. The company distributes news via its own patented electronic network, NX, developed by its in-house tech team using XML
XML
Extensible Markup Language is a set of rules for encoding documents in machine-readable form. It is defined in the XML 1.0 Specification produced by the W3C, and several other related specifications, all gratis open standards....

/NewsML
NewsML
NewsML is an XML standard designed to provide a media-independent, structural framework for multi-media news. NewsML was developed by — and is a registered trademark of — the IPTC...

. It also has carriage agreements with major news agencies, including the Associated Press
Associated Press
The Associated Press is an American news agency. The AP is a cooperative owned by its contributing newspapers, radio and television stations in the United States, which both contribute stories to the AP and use material written by its staff journalists...

, Agence France-Presse
Agence France-Presse
Agence France-Presse is a French news agency, the oldest one in the world, and one of the three largest with Associated Press and Reuters. It is also the largest French news agency. Currently, its CEO is Emmanuel Hoog and its news director Philippe Massonnet...

, Bloomberg
Bloomberg L.P.
Bloomberg L.P. is an American privately held financial software, media, and data company. Bloomberg makes up one third of the $16 billion global financial data market with estimated revenue of $6.9 billion. Bloomberg L.P...

, Dow Jones, Reuters
Reuters
Reuters is a news agency headquartered in New York City. Until 2008 the Reuters news agency formed part of a British independent company, Reuters Group plc, which was also a provider of financial market data...

, Thomson One, and some 60 regional news agencies to deliver content directly into their newsroom editorial systems. It was the first service of its type to put its clients' news online, launching the company's website in May 1995.

Business Wire provides direct news feeds along with photo posting to Yahoo!
Yahoo!
Yahoo! Inc. is an American multinational internet corporation headquartered in Sunnyvale, California, United States. The company is perhaps best known for its web portal, search engine , Yahoo! Directory, Yahoo! Mail, Yahoo! News, Yahoo! Groups, Yahoo! Answers, advertising, online mapping ,...

 Finance and other information web sites. It offers preset and fully customized RSS
RSS (file format)
RSS is a family of web feed formats used to publish frequently updated works—such as blog entries, news headlines, audio, and video—in a standardized format...

 news feeds upon registration (which is free). In 2007, the company added social media networking "tags" to news releases for services including Digg, del.icio.us, Newsvine and Reddit. The company's EON: Enhanced Online News service provides a platform for news announcements utilizing a variety of Web 2.0
Web 2.0
The term Web 2.0 is associated with web applications that facilitate participatory information sharing, interoperability, user-centered design, and collaboration on the World Wide Web...

 technologies, with search engine optimization
Search engine optimization
Search engine optimization is the process of improving the visibility of a website or a web page in search engines via the "natural" or un-paid search results...

 features, social media tags to encourage online sharing of news, and interactive multimedia.

Working with stock markets and regulatory authorities, Business Wire is an authorized disclosure vehicle in the US and Canada (with news networks, EDGAR
EDGAR
EDGAR, the Electronic Data-Gathering, Analysis, and Retrieval system, performs automated collection, validation, indexing, acceptance, and forwarding of submissions by companies and others who are required by law to file forms with the U.S. Securities and Exchange Commission...

 filings and SEDAR
SEDAR
The System for Electronic Document Analysis and Retrieval is a mandatory document filing and retrieval system for Canadian public companies...

 filings), the UK (with Financial Securities Authority-sanctioned (FSA) services), France (with -sanctioned (AMF) services) and other European markets including Germany, Ireland, Luxembourg, the Netherlands, Sweden and Switzerland. In 2007, Business Wire established a pan-European disclosure service designed around the European Union's Transparency Obligations Directive (TOD) requirements. In addition to fulfilling financial disclosure requirements, this posts full-text news releases directly into major professional and individual investor systems. Journalists can set up personal web, RSS and email news feeds based on their specific beat criteria.

History


Business Wire was founded on October 2, 1961 by Lorry I. Lokey
Lorry I. Lokey
Lorry I. Lokey is an American businessperson and philanthropist. A native of Portland, Oregon, he founded the company Business Wire in 1961 and has donated in excess of $400 million to charities, with the majority of the money given to schools...

. Cathy Baron Tamraz became CEO and president on December 16, 2005.

On January 17, 2006, Berkshire Hathaway
Berkshire Hathaway
Berkshire Hathaway Inc. is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States, that oversees and manages a number of subsidiary companies. The company averaged an annual growth in book value of 20.3% to its shareholders for the last 44 years,...

 announced that it was purchasing Business Wire for an undisclosed amount. This acquisition was completed on March 1, 2006.

On September 15, 2005 Business Wire established Regulatory Disclosure networks in France, Sweden, Switzerland and Luxembourg. The move came in anticipation of the anticipated implementation of the European Union's Transparency Obligations Directive (TOD). On June 1, 2005 Business Wire entered the German Ad-Hoc market with a disclosure network for companies with primary or secondary listings on the Deutsche Boerse. The service was established in compliance with BaFin
BaFin
The Federal Financial Supervisory Authority better known by its abbreviation BaFin is the financial regulatory authority for Germany. It is an independent federal institution with headquarters in Bonn and Frankfurt and falls under the supervision of the Federal Ministry of Finance...

, Germany's national securities regulator.

On January 10, 2005 Business Wire established an Asian hub with the opening of its Tokyo bureau, and later that year added Japanese, making the site available in seven languages
On September 27, 2006, Business Wire and Vocus
Vocus
Vocus is a publicly held company that provides on-demand software for public relations, marketing and communications professionals. Their software provides news monitoring and management, social media monitoring and management, press release distribution and reporting and analytics, and includes...

, Inc. (NASDAQ:VOCS) announced the two companies had entered into a strategic partnership in which Business Wire would use a private label version of Vocus’ PRWeb press release distribution platform to provide a new search engine optimized (SEO) and social media distribution service. The platform is called EON:Enhanced Online News.

On April 24, 2007 the U.S. Patent and Trademark Office awarded a patent to Business Wire for its Internet-based news distribution platform, known as 'Business Wire NX'. The United States Patent and Trademark Office
United States Patent and Trademark Office
The United States Patent and Trademark Office is an agency in the United States Department of Commerce that issues patents to inventors and businesses for their inventions, and trademark registration for product and intellectual property identification.The USPTO is based in Alexandria, Virginia,...

 awarded 'NX' Patent N. 7069244 for its 'simultaneous network news distribution' capabilities.

On January 1, 2007 Autorité des marchés financiers, the French Financial Markets Regulator, approved Business Wire to operate as a Regulatory Disclosure Service in France.
On December 14, 2007 it was announced that Business Wire had named Phyllis Dantuono and Greg Castano to be co-chief operating officers.

Notable events


On November 1, 2005 the SEC filed suit against an Estonian trading firm, Lohmus Haavel & Viisemann (Lohmus) for illicit trading conducted as a result of financial information garnered by accessing more than 360 press releases on behalf of over 200 public companies from the Business Wire website, The releases were accessed via Business Wire's website during the 10 month period between January and November, 2005. Business Wire Chairman, Lorry Lokey issued a statement that no releases had been accessed prior to distribution, although employees of the Estonian firm, Oliver Peek and Kristjan Lepik had gathered $7.8 million in illegal profits during that time. In August 2006, Lepik consented to a final judgment, which included payments of $551,958 representing his share of illegal profits, along with interest of $10,181 and a civil penalty of $15,000.

External links