Showing posts with label Thomson. Show all posts
Showing posts with label Thomson. Show all posts

Monday, May 19, 2008

Thomson Reuters axes 140 journalist jobs

News and information company Thomson Reuters has confirmed that it is cutting 140 journalist jobs by the end of the year.

In an internal email to staff, the editor-in-chief of Reuters News, David Schlesinger, said having looked into areas of "natural overlap and duplication in coverage" between Thomson and Reuters the newly merged company had decided more than half of the cuts would be in Europe.

"After looking at both the unique content that each news operation produces as well as news that is duplicated, I believe that the combined size of the new Reuters News at the end of the year should be around 2,500 - significantly more than the 2,380 the old Reuters editorial ended 2007 with," he told staff in the memo, seen by MediaGuardian.co.uk.


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Wednesday, May 16, 2007

Quality won't decline: Reuters trustees

Trustees charged with overseeing the integrity and independence of the Reuters Group endorsed the sale of the company to the Thomson Corporation and moved to quash fears of changes for the worse, The New York Times reports:

Many financial analysts and investors have reacted favorably to Thomson’s plan to buy Reuters for $17.2 billion, creating a powerful new competitor to Bloomberg in providing data on global markets.

The trustees, who had the power to block the deal, had been seen as a possible obstacle, given that control of the combined company would pass to the Thomson family of Canada via its investment vehicle, Woodbridge.

“We are satisfied that the commitments made by Thomson-Reuters and Woodbridge will ensure the endurance and protection of the Reuters Trust Principles in a new and exciting context,” Pehr G. Gyllenhammar, chairman of the trustees, said in a statement.

The deal comes as changes in the news industry put editorial integrity under the microscope at several companies, including Dow Jones & Company, publisher of The Wall Street Journal, which has a takeover offer from the News Corporation, controlled by Rupert Murdoch.


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Tuesday, May 15, 2007

Big business: Reuters, Thomson merge

Reuters Group PLC and Thomson Corp. on Tuesday agreed to terms for a merger to create one of the world's largest financial news providers. The cash and stock offer by Thomson for Reuters amounts to $17.2 bilion US. No word yet on the layoffs that are likely to ensue.

The value of the deal is calculated based on Thomson's closing share price of Cdn$48.46 on the Toronto Stock Exchange on May 3, the day before the companies announced they were exploring a combination.

Thomson, formally based in Toronto but with its operational head office in Stamford, Conn., would control about 70 per cent of the shares in the new company, Thomson-Reuters PLC. The combine will be headed by Tom Glocer, 47, who is now chief executive of Reuters.

The two companies expect to realize savings of $500 million in savings by the third year.


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Wednesday, May 9, 2007

Thomson-Reuters to be major rival for Bloomberg

If Thomson's $17 billion bid for the Reuters Group comes to fruition, the merged company would be be equal to the current leader in the financial data market, says the New York Times.

The merger would create a major rival to Bloomberg, the current leader in providing information, data and analytical software to the financial community. Combined, Thomson and Reuters would have 34 percent of the market for financial data, according to David Anderson, editor of Inside Market Data Reference, which tracks the business, with Bloomberg at 33 percent.

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Friday, May 4, 2007

Google buying a cow?

Thomson is being touted as the likely bidder, but there is some speculation Google, which has long said it is not interested in producing content, may make a move to buy Reuters.

News and financial data provider Reuters said on Friday it had received a takeover approach, sending its shares up almost a third, with Canadian publisher Thomson widely touted as the mystery suitor.

Canada's Globe and Mail newspaper reported on its website that Thomson was in talks to buy London-based Reuters, citing sources close to both companies.

Reuters declined to name its suitor, while Thomson had no comment. But Reuters second-largest shareholder ValueAct said depending on the offer, it would support a sale and a merger with Thomson would be a "fabulous combination."

Reuters shares leapt as much as 32 percent to a five-year high of 649-3/4 pence, valuing the company at about 8.2 billion pounds ($16.3 billion), on hopes a bid would spark an auction for the world's biggest international news agency.

Media shares have surged since Tuesday when Rupert Murdoch's News Corp made a $5 billion bid for Wall Street Journal owner Dow Jones & Co Inc , which was rebuffed by Dow Jones' controlling shareholders. That $60-a-share-bid was a 65 percent premium to Dow Jones' closing price on Monday.

Thomson has been building up its financial news business and is in the process of selling its education division which analysts think could raise $5 billion.


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