Thomson Reuters Makes Offer to Acquire Breaking...
Offer seeks to build on Reuters leadership in financial news
commentary
NEW YORK (October 14, 2009) -Thomson Reuters today confirms that it
is has made a formal offer to acquire a leading global financial
insight commentary business, Breakingviews. This offer, for an
undisclosed sum, has been accepted by Breakingviews' directors, who
are unanimously recommending the offer to their shareholders. The
transaction is expected to complete within eight weeks.
Breakingviews will be managed by the Reuters news organization and
will further enhance and build upon Reuters own fast-growing global
commentary service. In 2008 Reuters established an international
commentary team, which has become a highly valued part of Reuters
global, multimedia news and information offering.
"Based on the recent success of our strategy to move into commentary
and the positive feedback we have received from Thomson Reuters
clients, we are now seeking to accelerate our global commentary
offering. The acquisition of Breakingviews brings together two of
the most respected and influential teams of business, financial and
political news commentators in the world and understandably, we are
very excited about the opportunity this presents. We expect the
combined talent and editorial strength of the enlarged team to enable
us to become the world's premier financial commentary service," said
David Schlesinger, editor-in-chief, Reuters.
Devin Wenig, CEO, Thomson Reuters Markets, said, "We are committed to
extending our leadership in global news by continuing to invest in
covering markets faster and more comprehensively. By adding
Breakingviews to our existing commentary service, Thomson Reuters
will provide our clients with deeper critical insight and analysis."
The combined Reuters Breakingviews Commentary team will operate under
the Breakingviews brand. The separate stand-alone brand will allow
Reuters to continue to ensure that there remains a clear distinction
between the organization's news service and commentary offering.
Breakingviews will continue to represent the commentary and opinion
of the author, while Reuters reporting will continue to represent the
traditional sourced news and analysis that has been its staple for
more than 150 years.
The combined Reuters Breakingviews commentary service will be made
exclusively available to Thomson Reuters premium desktop clients
immediately following the closing of the transaction. Thomson Reuters
also intends to build on Breakingviews' syndication relationships
with many of the world's leading newspapers.
Hugo Dixon, editor-in-chief, Breakingviews, who will be running the
combined commentary team, said: "This combination will give us an
enormous opportunity to enhance the impact of our agenda-setting
insight. Breakingviews will have a much larger group of commentators,
be in more of the world's financial capitals and have access to
Thomson Reuters' unrivalled customer base."
About Thomson Reuters
Thomson Reuters is the world's leading source of intelligent
information for businesses and professionals. We combine industry
expertise with innovative technology to deliver critical information
to leading decision makers in the financial, legal, tax and
accounting, healthcare and science and media markets, powered by the
world's most trusted news organization. With headquarters in New
York and major operations in London and Eagan, Minnesota, Thomson
Reuters employs more than 50,000 people and operates in over 100
countries. Thomson Reuters shares are listed on the Toronto Stock
Exchange (TSX: TRI) and New York Stock Exchange (NYSE: TRI). For more
information, go to www.thomsonreuters.com.
About Breakingviews
Breakingviews was founded in 1999 to provide online financial
commentary aimed at a professional audience. It is one of a handful
of journalism websites to have successfully introduced a subscription
model. The company also has a thriving syndication business. Branded
Breakingviews columns appear in 15 leading publications around the
world. The company continued to grow through the financial crisis
with revenue rising last year by 23%. Since its inception,
Breakingviews has been influential on a broad range of stories
including the TMT bubble, numerous takeover sagas, the credit bubble
and subsequent banking crisis, and how the financial system should
now be reformed.
CONTACT
Thomson Reuters and Breakingviews
Courtney Dolan
Head of Public Relations, Editorial
+1 646 223 8406
courtney.dolan@thomsonreuters
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.