News Corp to Buy Oil Price Information Service for $1.15 Billion

News Corp has agreed to pay $1.15 billion in cash for IHS Markit Ltd.'s Oil Price Information Service, an energy and renewables information services company, and related assets, the latest addition to the company's growing collection of investor publications, The Wall Street Journal reported.

Coal, Metals, and Mining, which provides pricing information for coal and other raw materials, and PetroChem Wire, which provides pricing for petrochemicals and plastics, are among the firms being bought, according to the company.

S&P Global Inc. agreed to buy IHS Markit for $44 billion in late 2020, a historic merger that would bring together two of Wall Street's major data providers.

Following comments from authorities, S&P Global and IHS Markit said in May that they were considering selling the assets. They expect the transaction to finalise in the fourth quarter after the merger.

News Corp, which owns The Wall Street Journal, HarperCollins Publishers and news organizations in the U.K. and Australia, among other assets, said the assets will become part of Dow Jones’ professional information business, which includes Dow Jones Risk & Compliance, Dow Jones Newswires and Factiva.