MarketWise to Close its Legacy Research Business

MarketWise Shuts Down Legacy Research Arm Amidst Allegations of Misconduct

MarketWise has announced plans to shut down its Legacy Research arm after allegations of certain managers violating company policies. According to a regulatory filing on Tuesday, the restructuring includes the closure of Legacy Research subsidiary brands and is expected to be completed in the first half of the year.

The operation employs 104 people, accounting for about 18% of MarketWise’s total workforce. These employees will either be offered a new role or have their positions eliminated. MarketWise stated that the closure of Legacy Research is a response to misconduct and demonstrates its commitment to providing reliable and independent financial research to subscribers. The company also noted that it would do everything possible to serve existing Legacy Research customers by offering similar products published by other MarketWise brands.

Furthermore, MarketWise reported that net income for Legacy Research decreased throughout 2023 and amounted to about $9 million in the last six months of the year. The company added that it cannot estimate the cost of reorganization and wind-down, as well as potential impacts on its overall results of operations. It stated that it will disclose this information once it determines estimates or a range of estimates.

MarketWise’s decision to shut down its Legacy Research arm is a significant move for the company as it seeks to address alleged misconduct while maintaining its commitment to providing reliable and independent financial research to subscribers. The closure of Legacy Research subsidiary brands, along with reorganization efforts, are expected to be completed in the first half of the year. As MarketWise works to serve existing Legacy Research customers with similar products published by other Marketwise brands, uncertainty arises in estimating the cost of reorganization and wind-down, as well as potential impacts on its overall results of operations.

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