Business Wire is a company that disseminates full-text
news releases from thousands of companies and organizations worldwide to news media, financial markets, disclosuresystems, investors, information web sites, databases and other audiences.
The company distributes news via its own electronic network, NX, developed by its in-house tech team and using
XML/ NewsML. It also has carriage agreements with major news agencies, including the Associated Press, Agence France-Presse, Bloomberg, Dow Jones, Reuters, 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!Finance and other information web sites. It offers preset and fully customized RSS 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 2.0technologies, with search engine optimizationfeatures, 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,
EDGARfilings and SEDARfilings), the UK (with Financial Securities Authority-sanctioned (FSA) services), France (with Autorité des Marchés Financiers-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.
Business Wire was founded on
October 2, 1961by Lorry I. Lokey. Cathy Baron Tamrazbecame CEO and president on December 16 2005.
On January 17, 2006,
Berkshire Hathawayannounced that it was purchasing Business Wire for an undisclosed amount. This acquisition was completed on March 1, 2006. [ [http://home.businesswire.com/portal/site/home/index.jsp?epi-content=NEWS_VIEW_POPUP_TYPE&newsId=20060301005454&ndmHsc=v2*A1136131200000*B1143605299000*C1199203199000*DgroupByDate*J2*N1002912&newsLang=en&beanID=2084316627&viewID=news_view_popup Berkshire Hathaway Completes Acquisition of Business Wire] , " Business Wire"]
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 2005Business 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, 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 languagesOn September 27, 2006, Business Wire and Vocus, 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’ PRWebpress release distribution platform to provide a new search engine optimized (SEO) and social media distribution service. The platform is called [http://eon.businesswire.com 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 Office awarded 'NX' Patent N. 7069244 for its 'simultaneous network news distribution' capabilities.
On January 1 2007 Autorite des Marches Financiers, the French Financial Markets Regulator, approved Business Wire to operate as a Regulatory Disclosure Service in France.
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 [ [http://www.sec.gov/news/press/2005-155.htm SEC Files Emergency Action Against Estonian Traders to Stop Ongoing Fraudulent Hacking Scheme] , "
United States Securities and Exchange Commission"] 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. [ [http://money.cnn.com/2005/11/01/markets/scandal_sec_bizwire/index.htm SEC halts traders' $7.8M hacking scheme] , "CNN/Money"] . 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. [ [http://www.sec.gov/litigation/litreleases/2006/lr19810.htm Court Enters Final Judgment by Consent Against Defendant Kristjan Lepik] , " United States Securities and Exchange Commission"]
* [http://www.businesswire.com/ Business Wire] - main site
* [http://www.businesswire.com/portal/site/home/news/multimedia/ Smart News Releases - Photos & Multimedia]
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