J.P. Morgan buying parent of Zagats restaurant guides, report says

J.P. Morgan Chase & Co. has agreed to pay an undisclosed sum for Infatuation, owner of websites and apps to guide customers to local restaurants, The Wall Street Journal reported Thursday. Citing a source familiar with the transaction, the newspaper said the move marks a rare purchase of a media company by a bank, but the acquisition will help J.P. Morgan fill out its service offerings and give customers more reasons to use credit cards awards and other banking services for meals and travel. Zagats would be a logical addition to Chase bank's Chase Dining service offered through its Ultimate Rewards programs. The deal comes about three years after The Infatuation raised $30 million in backing from WndrCo, the investment firm co-founded by Hollywood bigwig Jeffrey Katzenberg. At that time, The Infatuation also paid an undisclosed sum for Zagats from seller Alphabet Inc. . Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

J.P. Morgan buying parent of Zagats restaurant guides, report says
J.P. Morgan Chase & Co. has agreed to pay an undisclosed sum for Infatuation, owner of websites and apps to guide customers to local restaurants, The Wall Street Journal reported Thursday. Citing a source familiar with the transaction, the newspaper said the move marks a rare purchase of a media company by a bank, but the acquisition will help J.P. Morgan fill out its service offerings and give customers more reasons to use credit cards awards and other banking services for meals and travel. Zagats would be a logical addition to Chase bank's Chase Dining service offered through its Ultimate Rewards programs. The deal comes about three years after The Infatuation raised $30 million in backing from WndrCo, the investment firm co-founded by Hollywood bigwig Jeffrey Katzenberg. At that time, The Infatuation also paid an undisclosed sum for Zagats from seller Alphabet Inc. . Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.