Posted on 05/19/2008 11:44:28 AM PDT by abb
Thomson Reuters to cut 3 percent of jobs Monday May 19, 1:36 pm ET By Seth Sutel, AP Business Writer Newly combined Thomson Reuters will cut 1,500 jobs to trim costs, consolidate operations
NEW YORK (AP) -- Thomson Reuters Corp. will cut 1,500 jobs as the newly combined financial and professional information provider moves to consolidate operations and reduce costs, a person familiar with the matter said Monday.
Thomson Reuters had been widely expected to eliminate overlaps between the companies and make cut jobs following Thomson Corp.'s acquisition of Reuters Group PLC on April 17.
Thomson, a Canadian company that sells legal, professional and market information, paid about $15.8 billion to acquire Reuters, a London-based financial news and information company.
The cuts represent about 3 percent of Thomson Reuters' global work force of about 50,000.
The person familiar with the situation, who asked to remain anonymous since there was no formal announcement of the job cuts, said the layoffs would be completed by the end of the year, and include about 140 editorial positions.
The person would not say where the job cubs were planned.
Thomson and Reuters have several areas of overlap, including some news operations as well as services that provide earnings estimates for publicly traded companies.
The company had said on May 1 when it reported earnings that it expected to see annual cost savings of up to $1 billion by the end of 2010, earlier than had been previously expected.
In addition to financial news and data, the company is also a major information provider to the legal, medical, tax and accounting professions.
Thomson Reuters shares rose 11 cents to $37.76 Monday.
ping
Come think of it I bet Edward G Robinson spinning in his grave LOL!
No one deserves my most earnest wish of failure more than al-Reuters.
To paraphrase, the battle for print publishing is over, the battle for media itself has begun…Lamentations from the scribes of humanism's bible:
Nieman Foundation for Journalism at Harvard University
Walter Lippmann House
Are Reporters Doomed?
Spring 2008
... I was dismayed to read Roy Greenslade's recent blog about the rise of citizen journalists. "Journalistic skills are not entirely wiped out in an online world, but they are eroded and, most importantly, they cannot be confined any longer to an exclusive elite group," he wrote. ...
... it also degrades valuable principles—the idea of discrimination, that some voices are more credible than others, that a named source is better than an anonymous pamphleteer (that’s what they used to call bloggers in the 18th century, when they published, for example, the politically dangerous Letters of Junius). The notion of authoritativeness is derided as a sort of "top-down" fascism. ...
... But the power of reporting does not lie entirely—or even mostly—in the nobility of its practitioners or their professional skills. Or their celebrity status. It also lies in the preservation of media outlets that are themselves powerful. ...
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