Peter Osnos of The Atlantic writes about how financial news services Bloomberg and Reuters are causing big changes in journalism.
“But assuming the shake-up on the financial side and the strengthening of its already formidable news operation gain the necessary traction, its competition with Bloomberg will be a vitally important aspect of how journalism is adapting to the continuing turbulence in the industry. The Washington Post Company’s stock is down by about a third this year, largely because of pressure on its Kaplan educational division in the aftermath of disclosures about the practices of for-profit educational companies. The Los Angeles Times has just let laid off another group of staffers, including several highly respected reporters. While the New York Times has come through the crisis it seemed to be facing two years ago, most legacy print news organizations are still casting about for the right combination of digital and traditional advertising and circulation revenues.
“With so much uncertainty elsewhere in the news business, the robust competition between Thomson Reuters and Bloomberg looms especially large in the overall future of news gathering. With thousands of reporters and strong leadership teams, both companies are bound to be factors in the news business in the digital age, even if their overwhelming profitability is tied to financial data.”
Read more here.
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