Thomson Reuters

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Template:About Template:Infobox company Template:Wikinews

File:Thomson Corporation headquarters.jpg
Thomson Reuters Building in Downtown Stamford, Connecticut. The office previously served as the world headquarters for The Thomson Corporation.

Thomson Reuters Corporation (Template:IPAc-en) is a Canadian<ref>Template:Cite web</ref> multinational mass media and information firm. The firm was founded in Toronto, Ontario, Canada, where it is headquartered at 333 Bay Street in Downtown Toronto.<ref>Template:Cite web</ref><ref>Template:Cite web</ref> Thomson Reuters shares are cross listed on the Toronto Stock Exchange (TSX: TRI) and the New York Stock Exchange (NYSE: TRI).

Thomson Reuters was created by the Thomson Corporation's purchase of the British company Reuters Group in April 2008,<ref>Template:Cite news</ref> and is majority owned by The Woodbridge Company, a holding company for the Thomson family.<ref>"About Us." Thomson Reuters. Retrieved on August 28, 2009.</ref> Thomson Reuters was ranked as Canada's "leading corporate brand" in the 2010 Interbrand Best Canadian Brands ranking.<ref>"Template:Cite web." Interbrand. Retrieved on August 5, 2010.</ref> Thomson Reuters operates in more than 100 countries, and has more than 45,000 employees.<ref name="About Us" />

History

The Thomson Corporation

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The company was founded by Roy Thomson in 1934 in Ontario as the publisher of The Timmins Daily Press. In 1953, Thomson acquired the Scotsman newspaper and moved to Scotland the following year. He consolidated his media position in Scotland in 1957 when he won the franchise for Scottish Television. In 1959, he bought the Kemsley Group, a purchase that eventually gave him control of the Sunday Times. He separately acquired the Times in 1967. He moved into the airline business in 1965, when he acquired Britannia Airways and into oil and gas exploration in 1971 when he participated in a consortium to exploit reserves in the North Sea. In the 1970s, following the death of Lord Thomson, the company withdrew from national newspapers and broadcast media, selling the Times, the Sunday Times and Scottish Television and instead moved into publishing, buying Sweet & Maxwell in 1988. The company at this time was known as the International Thomson Organisation Ltd (ITOL).<ref name="History of The Thomson Corporation">The Thomson Corporation History. FundingUniverse.</ref>

In 1989, ITOL merged with Thomson Newspapers, forming The Thomson Corporation. In 1996, The Thomson Corporation acquired West Publishing, a purveyor of legal research and solutions including Westlaw.<ref name="history">Template:Cite web</ref>

Reuters Group

Template:Main article The Company was founded by Paul Julius Reuter in 1851 in London as a business transmitting stock market quotations.<ref name="history"/> Reuter set up his "Submarine Telegraph" office in October 1851 and negotiated a contract with the London Stock Exchange to provide stock prices from the continental exchanges in return for access to London prices, which he then supplied to stockbrokers in Paris, France.<ref name="history"/> In 1865, Reuters in London was the first organization to report the assassination of Abraham Lincoln.<ref name="history"/> The company was involved in developing the use of radio in 1923.<ref name="history"/> It was acquired by the British National & Provincial Press in 1941 and first listed on the London Stock Exchange in 1984.<ref name="history"/> Reuters began to grow rapidly in the 1980s, widening the range of its business products and expanding its global reporting network for media, financial and economic services: key product launches included Equities 2000 (1987), Dealing 2000-2 (1992), Business Briefing (1994), Reuters Television for the financial markets (1994), 3000 Series (1996) and the Reuters 3000 Xtra service (1999).<ref name="history"/>

Reuters acquisition

The Thomson Corporation acquired Reuters Group PLC to form Thomson Reuters on April 17, 2008.<ref>Template:Cite web</ref> Thomson Reuters operated under a dual-listed company (“DLC”) structure and had two parent companies, both of which were publicly listed — Thomson Reuters Corporation and Thomson Reuters PLC. In 2009, it unified its dual listed company structure and stopped its listing on the London Stock Exchange and NASDAQ. It is now listed only as Thomson Reuters Corporation on the New York Stock Exchange and Toronto Stock Exchange (symbol: TRI).<ref>Template:Cite web</ref><ref>Thomson Reuters PLC Financial Statement for 2008 Template:Webarchive</ref>

On February 13, 2013, Thomson Reuters announced it would cut 2,500 jobs to cut cost in its Legal, Financial and Risk division.<ref>Template:Cite news</ref> On October 29, 2013, Thomson Reuters announced it would cut another 3,000 jobs, mostly in those same three divisions.<ref>Template:Cite news</ref>

Market position and Thomson Reuters merger antitrust review

File:Thomson Reuters Building.jpeg
Thomson Reuters Building as seen from Eighth Avenue in Midtown Manhattan.
The Thomson-Reuters merger transaction was reviewed by the U.S. Department of Justice and by the European Commission. On February 19, 2008, both the Department of Justice and the Commission cleared the transaction subject to minor divestments.<ref>Template:Cite news</ref> The Department of Justice required the parties to sell copies of the data contained in the following products: Thomson's WorldScope, a global fundamentals product; Reuters Estimates, an earnings estimates product; and Reuters Aftermarket (Embargoed) Research Database, an analyst research distribution product. The proposed settlement further requires the licensing of related intellectual property, access to personnel, and transitional support to ensure that the buyer of each set of data can continue to update its database so as to continue to offer users a viable and competitive product.<ref>Template:Cite web</ref> The European Commission imposed similar divestments: according to the Commission's press release, "the parties committed to divest the databases containing the content sets of such financial information products, together with relevant assets, personnel and customer base as appropriate to allow purchasers of the databases and assets to quickly establish themselves as a credible competitive force in the marketplace in competition with the merged entity, re-establishing the pre-merger rivalry in the respective fields."<ref>Template:Cite web</ref>

These remedies were viewed as very minor given the scope of the transaction. According to the Financial Times, "the remedy proposed by the competition authorities will affect no more than $25m of the new Thomson Reuters group’s $13bn-plus combined revenues."<ref>Template:Cite web</ref>

The transaction was cleared by the Canadian Competition Bureau.<ref>Template:Cite web</ref>

In November 2009, The European Commission opened formal anti-trust proceedings<ref>Template:Cite web</ref> against Thomson Reuters concerning a potential infringement of the EC Treaty's rules on abuse of a dominant market position (Article 82). The Commission investigated Thomson Reuters' practices in the area of real-time market datafeeds, and in particular whether customers or competitors were prevented from translating Reuters Instrument Codes (RICs) to alternative identification codes of other datafeed suppliers (so-called 'mapping') to the detriment of competition. In December 2012, the European Commission adopted a decision that renders legally binding the commitments offered by Thomson Reuters to create a new licence ("ERL") allowing customers, for a monthly fee, to use Reuters Instrument Codes (RICs) in applications for data sourced from Thomson Reuters' real time consolidated datafeed competitors to which they have moved.<ref>Template:Cite web</ref>

Reuters purchase process

File:Thompsonreuters.jpg
New York Building as seen from Times Square.
Historically, no single individual has been permitted to own more than 15% of Reuters, under the first of the Reuters Principles, which states, "Reuters shall at no time pass into the hands of any one interest, group or faction."<ref>International alliance of journalist unions questions Thomson–Reuters deal Template:Webarchive</ref> However, that restriction was waived for the purchase by Thomson, whose family holding company, the Woodbridge Company currently owns 53% of the enlarged business. Robert Peston, business editor at BBC News, stated that this has worried Reuters journalists, both because they are concerned that Reuters' journalism business will be marginalized by the financial data provision business of the combined company, and because of the threat to Reuters's reputation for unbiased journalism by the appearance of one majority shareholder.

Pehr Gyllenhammar, chairman of the Reuters Founders Share Company, explained that the Reuters Trust's First Principle had been waived for the Thomson family because of the poor financial circumstances that Reuters had been in, stating, "The future of Reuters takes precedence over the principles. If Reuters were not strong enough to continue on its own, the principles would have no meaning." He stated, not having met David Thomson but having discussed the matter with Geoff Beattie, the president of Woodbridge, that the Thomson family had agreed to vote as directed by the Reuters Founders Share Company on any matter that the trustees might deem to threaten the five principles of the Reuters Trust. Woodbridge will be allowed an exemption from the First Principle as long as it remains controlled by the Thomson family.<ref>Template:Cite news</ref><ref>Template:Cite news</ref><ref>Template:Cite news</ref><ref>Template:Cite news</ref>

Operations

The chief executive of the combined company is James C. Smith, who was the chief executive for the professional division, and the chairman is David Thomson.<ref name=Wikinews>Template:Cite news</ref><ref name=Schroeder>Template:Cite news</ref><ref>Template:Cite news</ref>

The company in 2018 was organized around four divisions:<ref>Template:Cite web</ref>

  • Legal
  • Reuters News Agency
  • Tax & Accounting
  • Government

Former divisions:

  • Intellectual Property & Science
  • Financial & Risk
  • Thomson Healthcare
  • Scholarly & Scientific Research

As of 2018, the Financial & Risk division makes for over half of the company's revenue.<ref name=Blackstone2018/>

Thomson Reuters competes with Bloomberg L.P., in aggregating financial and legal news.<ref>Template:Cite web</ref>

Acquisitions and divestitures

Between 2008 and 2018, Thomson Reuters completed over 200 acquisitions.<ref name=Blackstone2018/>

  • 2009
    • In July, Thomson Reuters acquired Streamlogics.<ref>Template:Cite web</ref> Founded in 1999, Streamlogics is a provider of customizable, high volume, real time data mining solutions <ref>Template:Cite web</ref> for hundreds of enterprises across several verticals including financial services, technology and health care/life sciences. Streamlogics' webcasting solutions are used for training and certification, marketing and lead generation, and corporate communications.<ref>Template:Cite web</ref>
    • In August, it bought Vhayu Technologies. Vhayu is a provider of tick data services, and Thomson Reuters had been distributing its Velocity product under the Reuters Tick Capture Engine label for the four years prior to the acquisition.<ref>Vhayu Technologies Acquired by Thomson Reuters August 3, 2009, Fox Business</ref>
    • On September 21, 2009, Thomson Reuters bought Hugin Group, the European IR and PR distribution group, from NYSE Euronext. Terms have not been disclosed, but it has been reported in Danish newspapers that the price was between €40 million and €42m.<ref>Thomson Reuters acquires Hugin Group from NYSE Euronext Communicate magazine 2009-09-21</ref>
    • In September, it also bought the Abacus software business from Deloitte, a provider of corporate taxation software for the U.K., Ireland, the Netherlands, New Zealand, and Hong Kong, as well as Indirect Tax Reporting software for 20 E.U. countries. Terms of the transaction were not disclosed.<ref>Press Releases. Thomson Reuters (2013-06-30). Retrieved on 2013-08-17.</ref>
    • In October, Thomson Reuters acquired Breaking Views<ref>Template:Cite press</ref>
    • In November, The Tax & Accounting business acquired Sabrix, Inc, a global provider of transaction tax management software applications and related services.<ref>Template:Cite news</ref>
  • 2010
    • In January, Thomson Reuters acquired Discovery Logic<ref>Template:Cite press</ref>
    • In February, Thomson Reuters acquired Aegisoft LLC to improve their electronic trading capabilities by offering direct market access.<ref>Press Release Template:Webarchive</ref> Also in February, it acquired the legal ranking system Super Lawyers.<ref>Template:Cite web</ref>
    • In May, it acquired Point Carbon A/S, a Norwegian company that provides news and trading analytics for the energy and environmental markets.<ref>Template:Cite news</ref>
    • In June, it acquired Complinet, a compliance software company.<ref>Template:Cite press</ref>
    • In October, it acquired Serengeti Law, a matter management and ebilling system.
    • On November 22, it acquired the legal process outsourcing (LPO) provider Pangea3. Financial Terms of the deal were not disclosed.<ref name="htanna">Template:Cite web</ref>
    • In November, it also acquired the banking data and analytic provider Highline Financial, and GeneGo, a supplier of systems biology databases, software and services.<ref>Template:Cite web</ref>
  • 2011
    • On 20 June 2011, Thomson Reuters acquired CorpSmart from Deloitte.<ref>Template:Cite web</ref>
    • On July 18, 2011 Thomson Reuters acquired Manatron from Thoma Bravo.<ref>Template:Cite web</ref>
    • In August 2011, Thomson Reuters acquired GFMS.<ref>Template:Cite web</ref>
    • In December 2011, Thomson Reuters acquired Emochila, a website development firm founded by Chad Brubaker and Justin Curzi in the tax and accounting space, in order to further integrate its CS suite of products onto a cloud-based platform.<ref>Template:Cite web</ref>
  • 2012
    • In January 2012, Thomson Reuters acquired Dr Tax, Canada’s largest independently owned developer of income tax software for accounting firms and consumers.<ref>Template:Cite web</ref><ref>Template:Cite web</ref>
    • In February 2012, Thomson Reuters acquired RedEgg, a provider of media intelligence solutions for public relations and marketing professionals.<ref>Template:Cite web</ref>
    • On March 22, it acquired BizActions, a digital newsletter and Web marketing providers for accounting firms in North America<ref>Template:Cite press</ref>
    • On 8 June 2012, Thomson Reuters acquired Apsmart, a London-based company specializing in design and development of mobile solutions.<ref>Template:Cite web</ref>
    • On 25 June 2012, Thomson Reuters acquired Zawya Limited, a regional provider of business intelligence and unique tools for financial professionals in the Middle East and North Africa .<ref>Template:Cite web</ref>
    • On 10 July 2012, Thomson Reuters acquired FX Alliance Inc, an independent provider of electronic foreign exchange trading solutions to corporations and asset managers.<ref>Template:Cite press</ref>
    • In July, it also acquired Dofiscal<ref>Template:Cite press</ref>
    • On 26 July 2012, Thomson Reuters announced acquisition of MarkMonitor, a San Francisco-based company specializing in internet brand protection software and services.<ref name="markmonitor1">Template:Cite press</ref>
  • 2013
    • On January 3, 2013, Thomson announced that it was to acquire Practical Law Company, the London-based provider of practical legal know-how and workflow tools to law firms and corporate law departments. Practical Law Company has more than 750 employees, with principal operations in London and New York, and will be part of the Legal business of Thomson Reuters.<ref>Template:Cite web</ref>
    • On 16 April 2013, Thomson Reuters acquired Select TaxWorks Assets of RedGear Technologies.<ref name="TaxWorks Assets of RedGear Technologies">Template:Cite press</ref>
    • On 6 June 2013, Thomson Reuters acquired Pricing Partners, a provider of OTC Derivatives Pricing Analytics and independent valuation.<ref name="Pricing Partners">Template:Cite press</ref>
    • On 2 July 2013, Thomson Reuters acquired the foreign exchange options business of Tradeweb.<ref name="Tradeweb FX exchange options">Template:Cite press</ref>
    • On August 16, 2013, Thomson Reuters acquired the foreign exchange options risk management technology provider SigmaGenix.<ref name="SigmaGenix ">Template:Cite press</ref>
    • On August 18, 2013, Thomson Reuters acquired a majority stake in Omnesys Technologies<ref name="Omnesys">Template:Cite press</ref> and acquired completely the company on September 16, 2013 <ref name="Omnesys2">Template:Cite press</ref>
    • In August, it also acquired WeComply.<ref>Template:Cite press</ref>
    • On September 10, 2013, Thomson Reuters acquired the CPE and CPA Division of Bisk Education Inc <ref name="CPEandCPADivisionofBiskEducation">Template:Cite press</ref> and Kortes.<ref name="Thomson-Reuters-Kortes-Acquisition">Template:Cite press</ref>
    • On October 23, 2013, Thomson Reuters acquired Entagen, acquiring the Cortellis family of products for drug pipeline, deals, patents, and company content.<ref name="Thomson-Reuters-Entagen-Acquisition">Template:Cite press</ref>
    • On December 10, 2013, Thomson Reuters acquired Avedas and expands its scholarly-research analytics solution.<ref name="Thomson-Reuters-Avedas -Acquisition">Template:Cite press</ref>
  • 2018
    • In January 2018, Thomson Reuters announced it was divesting its financial and risk unit to US private equity firm, the Blackstone Group. Thomson Reuters will retain 45% of the divested unit, keep the Reuters brand and will continue to deliver Reuters news and editorial content to the new divested unit. The joint venture will be branded as Refinitiv. The deal will fund the Reuters business for the next 30 years.<ref>Template:Cite news</ref> David Thomson is said to oppose the deal,<ref>Template:Cite web</ref> and the transaction was approved by the EU commission on July, 23, 2018.<ref>Template:Cite web</ref>
    • In October 2018, Thomson Reuters announced to acquire Integration Point, an international leader in global trade management (GTM) operations.<ref>Template:Cite news</ref>

Sponsorships

Thomson Reuters has sponsored Canadian golf champion Mike Weir and the AT&T Williams Formula One team. It also sponsors Marketplace, a radio show from American Public Media.

Thomson Reuters, among other media corporations, also donated hundreds of thousands of dollars to the Clinton Foundation.<ref>"Clinton Foundation donors include dozens of media organizations, individuals". Politico. May 15, 2015.</ref>

See also

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Related

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References

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Further reading

External links

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