Thomson Reuters buys financial news site breakingviews

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Thomson Reuters has bought financial news site breakingviews for an undisclosed sum, as part of two acquisition deals for the agency.

The sale of the site is expected to complete within eight weeks, a release on the breakingviews site has confirmed. According to a MediaGuardian report , the site has been bought for £13 million. A Sunday Times report last month on a potential deal estimated a £10 million price tag.

The financial news business will be managed by Reuters, but will take control of the agency's established commentary team to create Reuters Breakingviews Commentary.

The new service will be available for paying Thomson Reuters clients, who subscribe to its desktop service, and will be headed by breakingviews' editor-in-chief Hugo Dixon.

"The separate stand-alone brand will allow Reuters to continue to ensure that there remains a clear distinction between the organisation’s news service and commentary offering," the announcement said.

Founded in 1999, breakingviews has established itself as a successful paid-for online news service and developed its syndication business. The site has built partnerships with CNN and the UK's Daily Telegraph, the New York Times and International Herald Tribune have also signed syndication deals .

Following news of its acquisition of breakingviews, Thomson Reuters has today announced the purchase of European press release distribution service Hugin Group BV for an undisclosed sum.

The service includes electronic distribution of releases to more than 150 news wires and 152,000 journalists, according to a statement .