Cision, whose private equity parent made a splash by acquiring Vocus and Gorkana, is reportedly among bidders for PR Newswire. Reuters reports that UBM's planned sale of the profitable news dissemination service, aimed at around $700M, has attracted a bid from Cision.
A deal for PRN would likely be the capstone of a major consolidation in the PR services sector following the Cision-Vocus-Gorkana tie-up.
UBM wants to focus on its core events business, especially in the wake of its nearly $1B acquisition of Advanstar Communications.
PR Newswire had $302M in revenues last year and operating profit of nearly $70M.
GTCR is Cision's private equity owner.
*
No comments have been submitted for this story yet.