OLD Media Moves

London Stock Exchange says Reuters paywall violates deal terms

A rift between the London Stock Exchange Group and Reuters has opened up over the media company’s plans for a new paywall, which the exchange claims is in breach of a 30-year agreement in the sale of its news to data provider Refinitiv, reports Lucy McNulty of MarketWatch.com.

McNulty reports, “The letter requests ‘a prompt meeting to facilitate a resolution’ to the matter, and adds that Refinitiv has the right to take actions permitted under the terms of its news agreement with Reuters. A description of the agreement in a 2019 circular to LSEG shareholders states that either party ‘can bring an action (including a claim for specific performance or injunctive relief) in the New York courts’ if any disputes arising from the agreement cannot be resolved amicably.

“Reuters in April unveiled a redesigned website, in a bid to attract a professional audience for its business, financial and general news, as part of a wider strategy to boost revenue from its digital news readership. It billed the change as ‘the largest digital transformation at Reuters in a decade.’

“After registration and a free preview period, a subscription to Reuters.com will cost $34.99 a month, the same as Bloomberg’s digital subscription. The offering, available as monthly or annual and individual or group packages, will also include live streams of Reuters events for subscribers and subscriber-only newsletter, the news agency said.”

Read more here.

Chris Roush

Chris Roush was the dean of the School of Communications at Quinnipiac University in Hamden, Connecticut. He was previously Walter E. Hussman Sr. Distinguished Professor in business journalism at UNC-Chapel Hill. He is a former business journalist for Bloomberg News, Businessweek, The Atlanta Journal-Constitution, The Tampa Tribune and the Sarasota Herald-Tribune. He is the author of the leading business reporting textbook "Show me the Money: Writing Business and Economics Stories for Mass Communication" and "Thinking Things Over," a biography of former Wall Street Journal editor Vermont Royster.

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