OLD Media Moves

Reuters News reports flat revenue, expected to lose revenue from cancelled events

Reuters News reported revenues of $155 million in the first quarter, essentially flat compared to a year ago, according to the first-quarter earnings release from parent company Thomson Reuters.

Organic revenues decreased 4% due to COVID-19 related cancellations of events in the Reuters Events business — formerly FC Business Intelligence —  acquired in October 2019.

Nearly all of Reuters Events in-person conferences have been postponed through August 2020, which is expected to result in lost revenues of approximately $25 million in the second quarter, or about 50% of Reuters Events expected full-year revenues.

The Reuters Events business could forgo an additional $15 million of revenues in the fourth quarter of 2020 if it is unable to resume in-person conferences.

Reuters News full-year 2020 revenues are expected to decline between 4% and 6%.

Adjusted EBITDA for Reuters News in the quarter was $19 million, down $4 million from the prior-year period mainly due to costs associated with the cancellation of Reuters Events and higher investments.

The full earnings release can be found 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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