By Brian Mooney
An within examine the stunning decline of Reuters.
* positive factors unique interviews with Reuters staffers, opponents, and clients
* Written by way of former Reuters journalists
* Examines one of many largest tales in fresh journalism historical past
Read Online or Download Breaking News: How the Wheels Came off at Reuters PDF
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Extra resources for Breaking News: How the Wheels Came off at Reuters
It was a momentous decision and, although for many years Bloomberg news was considered less comprehensive and authoritative than Reuters, it quickly developed a character of its own, and a following. Hired Killer HIRED KILLER At about the same time, Reuters took another tack. The company, still under Renfrew, had entered into several strategic partnerships and made a number of timely acquisitions. Some, such as Instinet, the share-dealing system, were to prove immensely profitable. A lot of the deals were brokered by Renfrew and Ure.
He recalls the head of one telling him: “If you guys produce this system, I will personally see to it that you never do any more business in New York,” a threat echoed by others along The Street. There was a similar reaction from the Chicago commodity futures exchanges when Reuters touted the idea of developing matching for those hugely important global markets. Reuters, the Chicago Mercantile Exchange and Chicago Board of Trade joined together to launch Globex, a matching system for Chicago-traded commodity futures outside the markets’ normal trading hours in 1992, but Reuters pulled out of the venture within a couple of years.
They met at board meetings and executive committee meetings, but it was a pretty uneasy setup. And you’ve got the chairman in the corner congratulating himself on keeping them together. ” How serious a problem could that apparent lack of management synergy be? The next few years would show. For the time being, all eyes were on the bottom line. Since the flotation seven years earlier the share price had more than quadrupled, as had annual profits, now running at £320m. Reuters employed more than 10,000 staff in 180 offices worldwide, and was undisputed market leader in news and information.
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