Headquarters at 333 Bay Street, Toronto
|Founded||17 April 2008|
Toronto, Ontario, Canada
| David Thomson |
David W. Binet
James C. Smith
(President and CEO)
|Owner||The Woodbridge Company (59.6%)|
Number of employees
|45,000 (Q3, 2017)|
|Subsidiaries|| Reuters |
Sweet & Maxwell
|Wikinews has related news: Thomson Corporation and Reuters agree to merge|
Thomson Reuters Corporation ( // ) is a Canadian 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. Thomson Reuters shares are cross listed on the Toronto Stock Exchange (TSX: TRI) and the New York Stock Exchange (NYSE: TRI).
Canada is a country in the northern part of North America. Its ten provinces and three territories extend from the Atlantic to the Pacific and northward into the Arctic Ocean, covering 9.98 million square kilometres, making it the world's second-largest country by total area. Canada's southern border with the United States is the world's longest bi-national land border. Its capital is Ottawa, and its three largest metropolitan areas are Toronto, Montreal, and Vancouver. As a whole, Canada is sparsely populated, the majority of its land area being dominated by forest and tundra. Consequently, its population is highly urbanized, with over 80 percent of its inhabitants concentrated in large and medium-sized cities, many near the southern border. Canada's climate varies widely across its vast area, ranging from arctic weather in the north, to hot summers in the southern regions, with four distinct seasons.
A multinational corporation (MNC) or worldwide enterprise is a corporate organization which owns or controls production of goods or services in at least one country other than its home country. Black's Law Dictionary suggests that a company or group should be considered a multinational corporation if it derives 25% or more of its revenue from out-of-home-country operations. A multinational corporation can also be referred to as a multinational enterprise (MNE), a transnational enterprise (TNE), a transnational corporation (TNC), an international corporation, or a stateless corporation. There are subtle but real differences between these three labels, as well as multinational corporation and worldwide enterprise.
The mass media is a diversified collection of media technologies that reach a large audience via mass communication. The technologies through which this communication takes place include a variety of outlets.
Thomson Reuters was created by the Thomson Corporation's purchase of the British company Reuters Group in April 2008,and is majority owned by The Woodbridge Company, a holding company for the Thomson family. Thomson Reuters was ranked as Canada's "leading corporate brand" in the 2010 Interbrand Best Canadian Brands ranking. Thomson Reuters operates in more than 100 countries, and has more than 45,000 employees.
The Thomson Corporation was one of the world's largest information companies. It was established in 1989 following a merger between International Thomson Organisation Ltd (ITOL) and Thomson Newspapers. In 2008, it purchased Reuters Group to form Thomson Reuters. The Thomson Corporation was active in financial services, healthcare sectors, law, science and technology research and tax and accounting sectors. The company operated through five segments : Thomson Financial, Thomson Healthcare, Thomson Legal, Thomson Scientific and Thomson Tax & Accounting.
Reuters Group plc was a British multinational media and financial information company headquartered in London, United Kingdom. It was acquired by The Thomson Corporation in 2008, forming Thomson Reuters.
The Woodbridge Company Limited is a Canadian private holding company based in Toronto, and the principal and controlling shareholder (62.35%) of Thomson Reuters. Thomson Reuters was formed in 2008, when The Thomson Corporation acquired Reuters. David Binet is the President and Chief Executive Officer of the company.
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).
Roy Herbert Thomson, 1st Baron Thomson of Fleet, GBE was a Canadian newspaper proprietor who became one of the moguls of Fleet Street.
The Scotsman is a Scottish compact newspaper and daily news website headquartered in Edinburgh. First established as a radical political paper in 1817, it began daily publication in 1855 and remained a broadsheet until August 2004. Its parent company, The Scotsman Publications Ltd, also publishes the Edinburgh Evening News. As of February 2017, it had an audited print circulation of 19,449, with a paid-for circulation of 88.3% of this figure, about 17,000. Its website, Scotsman.com, had an average of 138,000 unique visitors a day as of 2017. The title celebrated its bicentenary on 25 January 2017.
In economics, a government-granted monopoly and the monopoly to be served under government is a form of coercive monopoly by which a government grants exclusive privilege to a private individual or firm to be the sole provider of a good or service; potential competitors are excluded from the market by law, regulation, or other mechanisms of government enforcement. As a form of coercive monopoly, government-granted monopoly is contrasted with a coercive monopoly or an efficiency monopoly, where there is no competition but it is not forcibly excluded.
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.
Westlaw is an online legal research service for lawyers and legal professionals in the United States and the United Kingdom and is a product of Thomson Reuters. In addition, it provides proprietary database services. Information resources on Westlaw include more than 40,000 databases of case law, state and federal statutes, administrative codes, newspaper and magazine articles, public records, law journals, law reviews, treatises, legal forms and other information resources.
The Company was founded by Paul Julius Reuter in 1851 in London as a business transmitting stock market quotations.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. In 1865, Reuters in London was the first organization to report the assassination of Abraham Lincoln. The company was involved in developing the use of radio in 1923. It was acquired by the British National & Provincial Press in 1941 and first listed on the London Stock Exchange in 1984. 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).
Paul Julius Freiherr von Reuter was a German-born, British entrepreneur who was a pioneer of telegraphy and news reporting. He was a reporter and media owner, and the founder of Reuters News Agency, which became part of the Thomson Reuters conglomerate in 2008.
London Stock Exchange is a stock exchange located in the City of London, England. As of April 2018, London Stock Exchange had a market capitalisation of US$4.59 trillion. It was founded in 1571, making it one of the oldest exchanges in the world. Its current premises are situated in Paternoster Square close to St Paul's Cathedral in the City of London. It is part of London Stock Exchange Group (LSEG).
Abraham Lincoln was an American lawyer and politician. He served as the 16th president of the United States from 1861 until his assassination in April 1865. Lincoln led the nation through the Civil War, its bloodiest war and its greatest moral, constitutional, and political crisis. He preserved the Union, abolished slavery, strengthened the federal government, and modernized the U.S. economy.
The Thomson Corporation acquired Reuters Group PLC to form Thomson Reuters on April 17, 2008.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).
A dual-listed company or DLC is a corporate structure in which two corporations function as a single operating business through a legal equalization agreement, but retain separate legal identities and stock exchange listings. Virtually all DLCs are cross-border, and have tax and other advantages for the corporations and their stockholders.
The Nasdaq Stock Market is an American stock exchange. It is the second-largest stock exchange in the world by market capitalization, behind only the New York Stock Exchange located in the same city. The exchange platform is owned by Nasdaq, Inc., which also owns the Nasdaq Nordic and Nasdaq Baltic stock market network and several U.S. stock and options exchanges
The New York Stock Exchange is an American stock exchange located at 11 Wall Street, Lower Manhattan, New York City, New York. It is by far the world's largest stock exchange by market capitalization of its listed companies at US$30.1 trillion as of February 2018. The average daily trading value was approximately US$169 billion in 2013. The NYSE trading floor is located at 11 Wall Street and is composed of 21 rooms used for the facilitation of trading. A fifth trading room, located at 30 Broad Street, was closed in February 2007. The main building and the 11 Wall Street building were designated National Historic Landmarks in 1978.
On February 13, 2013, Thomson Reuters announced it would cut 2,500 jobs to cut cost in its Legal, Financial and Risk division.On October 29, 2013, Thomson Reuters announced it would cut another 3,000 jobs, mostly in those same three divisions.
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.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. 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."
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."
The transaction was cleared by the Canadian Competition Bureau.
In November 2009, The European Commission opened formal anti-trust proceedingsagainst 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.
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."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.
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.
The company in 2018 was organized around four divisions:
As of 2018, the Financial & Risk division makes for over half of the company's revenue.
Thomson Reuters competes with Bloomberg L.P., in aggregating financial and legal news.
Between 2008 and 2018, Thomson Reuters completed over 200 acquisitions.
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.
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Thomson Financial was an arm of information provider Thomson Corporation. When The Thomson Corporation merged with Reuters to form Thomson Reuters in April 2008, Thomson Financial was merged with the business of Reuters to form the Markets Division of Thomson Reuters.
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