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Friday, December 12, 2014

Hearst to increase stake in rating agency Fitch to 80 pct, (NYSE: MHFI)

Hearst Corp said it will raise its stake in global credit rating agency Fitch Group to 80 percent from 50 percent in a deal valued at about $2 billion as the media giant diversifies away from its newspaper foundations.Paris-based Fimalac, which is selling the stake to Hearst, will retain a 20 percent interest in Fitch, the third-biggest rating agency behind Standard & Poor's, owned by McGraw Hill Financial Inc, and Moody's Corp."Strategically, Hearst continues to diversify into data and information-based companies," Chief Executive Steven Swartz said in a statement.DreamWorks Animation SKG Inc said on Thursday Hearst bought a 25 percent stake in its YouTube teen network, Awesomeness TV, for $81.25 million.

McGraw Hill Financial, Inc. is a financial intelligence company. Shares of MHFI fell by 1.15% or $-1.04/share to $89.69. In the past year, the shares have traded as low as $71.16 and as high as $93.94. On average, 1271890 shares of MHFI exchange hands on a given day and today's volume is recorded at 338234.