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Dow Jones is to buy Reuters ' 50 per cent interest in Factiva for £85.5 million to become the sole owner of the online news archive.

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, which has 1.6 million paying subscribers, supplies business news and services to the finance, corporate, professional services and government sectors.

Dow Jones and Reuters, joint founders of the company in 1999, expect the deal to be completed by the end of the year, subject to regulatory approval.

"The acquisition will nearly double the size of our Enterprise Media Group. Together with the previously announced sale of up to six of our community newspapers, this reflects our determination to reduce our reliance on print publishing and to deploy our capital to the highest-returning investments for our shareholders as opportunities arise," said Rich Zannino, chief executive officer of Dow Jones.

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Oliver Luft

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