Tuesday, May 15, 2007

Big Media Merger

So Canadian publisher Thomson Corp has agreed to buy Reuters for about 8.7 billion pounds ($17.2 billion), creating the world's leading provider of news and data for professional markets. Reuters Founders Share Company, which has the power to block a change of ownership at the 156-year-old company, backed the deal but it still needs regulatory clearance and shareholder approval, Thomson and Reuters said in a statement on Tuesday.

The U.S. Department of Justice said it was likely to review the deal. Multinational companies need approval from regulators in Brussels, Washington and elsewhere to complete mergers. With 34 percent of the financial information market, the new Thomson-Reuters will overtake privately-owned Bloomberg LP on 33 percent, according to industry newsletter Inside Market Data.

The two companies had been talking for nine months.

I wonder what will happen to the two training arms Thomson Foundation and the Reuters Foundation.....I guess the Thomson foundation in Cardiff (started by Kenneth Thomson I beleive) is not part of the Thomson media empire any more.

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