Thomson Reuters, owner of news agency Reuters, is getting even closer to the London Stock Exchange Group as the companies announce expansion of their long term partnership. The agreement includes investing in 100 new editorial jobs focusing on financial and markets coverage. The agreement also includes to continue planning for putting Reuters news behind a paywall for internet visitors.
The new and enhanced commitments also include:
- A significant expansion of Reuters India financial file and China equities coverage
- The previously announced acquisition and ongoing integration of PLX AI – a real-time financial news service powered by artificial intelligence – into Reuters newsroom, available exclusively through LSEG services
- Agreement on a path forward for Reuters to launch consumer-facing subscription products, supporting both parties’ engagement with global professionals
Thomson Reuters already a couple of years ago announced plans to put Reuters news behind a paywall for internet users but the plans were stopped by LSEG.
Reuters news agency since 2018 earns about half of its revenue by supplying news to Refinitiv, a data company spun off from Thomson Reuters and now owned by LSEG. Refinitiv is the exclusive distributor of Reuters news to the financial community under a 30-year agreement. Prior to the 2018 agreement, the 172 year old news agency’s main revenue source was selling news to publishers all over the world.
Reuters open website is the 29th biggest English-language news website in the world, according to Similarweb data analysed by Press Gazette. In December it had 88.9 million visits, up 6% year-on-year.
“At Thomson Reuters we are committed to investing in world leading journalism and talent, taking our partnership with LSEG to the next level will help us to continue to do just that,” said Steve Hasker, CEO, Thomson Reuters.
“Our new range of commitments will boost both organizations, delivering an even more valuable news file to LSEG’s customers and a superior experience to professionals around the world.”
David Schwimmer, CEO LSEG said that the collaboration will broaden the news offering, enhancing the speed and analysis of breaking news, and increasing the value of services provided to LSEG customers.
Reuters and LSEG in a statement say the co-investment in financial journalism extends and deepens coverage in four key areas: financial markets; mergers and acquisition; the energy transition; and data visualization, “bringing stories to life with data that illustrates the trends that matter most.”
Reuters is more than doubling the number of reporters covering India saying the move “marks a significant expansion of Reuters coverage of local forex, fixed income and equity markets, government policy, the regulatory landscape and public companies, providing the premier news service for LSEG customers in India.”
“Reuters has also expanded its China equities coverage of the biggest public companies for the rapidly expanding local investment and trading community. This includes providing complete pre-open to post-close coverage of company and market activity, of China’s top 350 listed companies.”
Thomson Reuters recently acquired PLX AI, a real time financial news service powered by artificial intelligence, which is now integrated into Reuters News and will be expanded across additional markets. The content it generates will be available exclusively through LSEG products.