Categories: OLD Media Moves

Thomson Reuters interested in Newsweek

John Koblin of the New York Observer reports that Thomson Reuters is interested in acquiring the general interest magazine Newsweek.

Koblin writes, “While Reuters is best known for business media-it recently announced plans for a finance Web video service called Reuters Insider, reported to cost $100 million-it also has been beefing up its consumer reporting, a buildup that would fit in well with a Newsweek purchase.

“The company lets finance blogger Felix Salmon do what he likes, and last year it hired Jim Impoco, from Condé Nast Portfolio and The New York Times before that, to beef up its long-form reporting team.

“And what would Thomson Reuters want to do with a magazine like Newsweek? Perhaps the company is just kicking the tires, or maybe there’s a plan at work that is more substantive. Last year, Newsweek cut its rate base from 3.1 million to 1.5 million, hoping to serve a far more elite audience. Maybe the people at Thomson Reuters feel like they can have their own version of The Economist.

“Staying competitive with Bloomberg, which has a monthly and just added a weekly magazine to its holdings, could be another reason.”