OLD Media Moves

Thomson Reuters CEO Glocer: Struggling newspapers help us

May 29, 2008

Thomson Reuters CEO Tom Glocer also spoke at the All Things D conference, and he noted that newspapers cutting back operations is actually a good thing for the Reuters wire service.

John Paczkowski, on the All Things Digital web site, noted:

Isnâ€™t this an awful time to double down in financial services? Nope, says Glocer. We really donâ€™t think things are that bad. Look at Asia, he says, noting the growth in those countriesâ€™ financial markets. Emerging markets have long been one of Reutersâ€™s strengths and continue to be.

How are citizen journalists impacting your news business? Reuters has massive operating costs; bloggers, obviously, do not. Glocer: We have one great advantage over bloggers: we write once, and sell many times to many different media outlets. He notes that Reuters already packages feeds for various news markets. Soon it hopes to package them for industries as wellâ€“lawyers, health-care workers, etc.

As newspapers cut back foreign bureaus, Glocer notes, business for news services like Reuters grows, because papers rely even more on its network of reporters worldwide. As a point of irony, he says, Reuters has grown as newspapers have shrunk: â€œWe hope newspapers will hobble along for years to come,â€? he says.

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May 29, 2008

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