Thomson Reuters Corporation

242px
Type	Public
Traded as	NYSE: TRI TSX: TRI
Industry	Media conglomerate
Predecessor(s)	Reuters Group The Thomson Corporation
Founded	17 April 2008 (2008-04-17)
Headquarters	3 Times Square, Manhattan, New York City, New York, U.S.
Area served	Worldwide
Key people	Jim Smith (CEO) David Thomson (Chairman) W. Geoffrey Beattie (Deputy Chairman)
Revenue	US$ 13.8 billion (2011)
Owner(s)	The Woodbridge Company (53%)
Employees	55,000 (2010)[1]
Subsidiaries	Reuters, Sweet & Maxwell, West
Website	ThomsonReuters.com

Wikinews has related news: Thomson Corporation and Reuters agree to merge

Thomson Reuters Building in Times Square, Midtown Manhattan.

3 Times Square, as seen from 43rd Street and Broadway in New York City.

Thomson Reuters Corporation is a business data provider and was created by the Thomson Corporation's purchase of Reuters Group on 17 April 2008.^[2] Thomson Reuters is headquartered at 3 Times Square, Manhattan, New York City, New York, United States. The Woodbridge Company, a holding company for the Thomson family of Canada, owns 53% of the group,^[3] which operates in 100 countries, and has over 55,000 employees. Thomson Reuters was ranked as Canada's "leading corporate brand" in the 2010 Interbrand Best Canadian Brands ranking.^[4] Thomson Reuters operates in two divisions: Professional and Markets.

History[link]

The Thomson Corporation[link]

The Company was founded by Roy Thomson in 1934 in Ontario as the publisher of The Timmins Daily Press. In 1953 Thomson acquired the Scotsman newspaper and moved to Scotland the following year. He consolidated his media position in Scotland in 1957 when he won the franchise for Scottish Television. In 1959 he bought the Kemsley Group, a purchase that eventually gave him control of the Sunday Times. He separately acquired the Times in 1967. He moved into the airline business in 1965, when he acquired Britannia Airways and into oil and gas exploration in 1971 when he participated in a consortium to exploit reserves in the North Sea. In the 1970s, following the death of Lord Thomson, the Company withdrew from media selling the Times, the Sunday Times and Scottish Television and instead moved into publishing, buying Sweet & Maxwell in 1987. In 1989, Thomson Newspapers was merged with The Thomson Corporation. In 1996 The Thomson Corporation effectively doubled its size and ensured future profitability by purchasing West Publishing, a purveyor of legal research and solutions including Westlaw.^[5]

Reuters Group[link]

The Company was founded by Paul Julius Reuter in 1851 in London as a business transmitting stock market quotations.^[5] Reuter set up his "Submarine Telegraph" office in October 1851 and negotiated a contract with the London Stock Exchange to provide stock prices from the continental exchanges in return for access to London prices, which he then supplied to stockbrokers in Paris, France.^[5] In 1865, Reuters in London was the first organization to report the assassination of Abraham Lincoln.^[5] The company was involved in developing the use of radio in 1923.^[5] It was acquired by the British National & Provincial Press in 1941 and first listed on the London Stock Exchange in 1984.^[5] Reuters began to grow rapidly in the 1980s, widening the range of its business products and expanding its global reporting network for media, financial and economic services: key product launches included Equities 2000 (1987), Dealing 2000-2 (1992), Business Briefing (1994), Reuters Television for the financial markets (1994), 3000 Series (1996) and the Reuters 3000 Xtra service (1999).^[5]

Post acquisition[link]

The Thomson Corporation acquired Reuters Group PLC to form Thomson Reuters on April 17, 2008.^[6] Thomson Reuters operated under a dual-listed company (“DLC”) structure and had two parent companies, both of which were publicly listed — Thomson Reuters Corporation and Thomson Reuters PLC. In 2009 it unified its dual listed company structure and stopped its listing on the London Stock Exchange and NASDAQ. It is now listed only as Thomson Reuters Corporation on the New York Stock Exchange and Toronto Stock Exchange (symbol: TRI).^[7][8]

In June 2008 it was reported that it would be launching a news channel to rival Bloomberg and CNBC.^[9] This has turned out to be a false report as Thomson Reuters is not entering into an already crowded cable business.

Operations[link]

The Chief executive of the combined company is Jim Smith, who was the chief executive for the Professional Division, and the chairman is David Thomson, who was the chairman of Thomson.^[10][11][12]

The Company is organized into two divisions:^[13]

• Markets Division:^[14]
  • Financial Professionals & Marketplaces
  • Enterprise Solutions
  • Media

• Professional Division:
  • Legal – formerly North American Legal and Legal & Regulatory; including West, makers of Westlaw, and Carswell
  • IP & Science – formerly Thomson Healthcare and Thomson Scientific
  • Tax & Accounting – formerly Thomson Tax & Accounting

Thomson Reuters shares are listed on the Toronto Stock Exchange (TSX: TRI) and the New York Stock Exchange (NYSE: TRI).

In late 2011, Thomson Reuters announced a new organizational structure with five divisions: the Markets business will be part of a new division called Financial and Risk business unit headed by David Craig. The other four division are: Legal; Intellectual Property & Science; Tax & Accounting; and Global Growth Organization.^[15]

Market position and antitrust review[link]

Thomson Reuters Building as seen from 8th Avenue.

The transaction was reviewed by the U.S. Department of Justice and by the European Commission. On February 19, 2008, both the Department of Justice and the Commission cleared the transaction subject to minor divestments.^[16] The Department of Justice required the parties to sell copies of the data contained in the following products: Thomson's WorldScope, a global fundamentals product; Reuters Estimates, an earnings estimates product; and Reuters Aftermarket (Embargoed) Research Database, an analyst research distribution product. The proposed settlement further requires the licensing of related intellectual property, access to personnel, and transitional support to ensure that the buyer of each set of data can continue to update its database so as to continue to offer users a viable and competitive product.^[17] The European Commission imposed similar divestments: according to the Commission's press release, "the parties committed to divest the databases containing the content sets of such financial information products, together with relevant assets, personnel and customer base as appropriate to allow purchasers of the databases and assets to quickly establish themselves as a credible competitive force in the marketplace in competition with the merged entity, re-establishing the pre-merger rivalry in the respective fields."^[18]

These remedies are viewed as very minor given the scope of the transaction. According to the Financial Times, "the remedy proposed by the competition authorities will affect no more than $25m of the new Thomson Reuters group’s $13bn-plus combined revenues."^[19]

The transaction was cleared by the Canadian Competition Bureau.^[20]

In November 2009, The European Commission opened formal anti-trust proceedings^[21] against Thomson Reuters concerning a potential infringement of the EC Treaty's rules on abuse of a dominant market position (Article 82). The Commission will investigate Thomson Reuters' practices in the area of real-time market datafeeds, and in particular whether customers or competitors are prevented from translating Reuters Instrument Codes (RICs) to alternative identification codes of other datafeed suppliers (so-called 'mapping') to the detriment of competition.

The opening of proceedings does not imply that the Commission has proof of an infringement. It signifies that the Commission will conduct an in-depth investigation of the case as a matter of priority.

Purchase process[link]

Historically, no single individual has been permitted to own more than 15% of Reuters, under the first of the Reuters Principles, which states, "Reuters shall at no time pass into the hands of any one interest, group or faction."^[22] However, that restriction was waived for the purchase by Thomson, whose family holding company, the Woodbridge Company currently owns 53% of the enlarged business. Robert Peston, business editor at BBC News, stated that this has worried Reuters journalists, both because they are concerned that Reuters' journalism business will be marginalized by the financial data provision business of the combined company, and because of the threat to Reuters's reputation for unbiased journalism by the appearance of one majority shareholder. Pehr Gyllenhammar, chairman of the Reuters Founders Share Company, explained that the Reuters Trust's First Principle had been waived for the Thomson family because of the poor financial circumstances that Reuters had been in, stating, "The future of Reuters takes precedence over the principles. If Reuters were not strong enough to continue on its own, the principles would have no meaning." He stated, not having met David Thomson but having discussed the matter with Geoff Beattie, the president of Woodbridge, that the Thomson family had agreed to vote as directed by the Reuters Founders Share Company on any matter that the trustees might deem to threaten the five principles of the Reuters Trust. Woodbridge will be allowed an exemption from the First Principle as long as it remains controlled by the Thomson family.^{[23][24][25][26]}

Acquisitions[link]

In July 2009 Thomson Reuters acquired Streamlogics.^[27] Founded in 1999, Streamlogics is a leading provider of customizable, high volume, real time data mining solutions ^[28] for hundreds of enterprises across several verticals including financial services, technology and health care/life sciences. Streamlogics' webcasting solutions are used for training and certification, marketing and lead generation, and corporate communications.^[29]

In August 2009 Thomson Reuters bought Vhayu Technologies. Vhayu is one of the world's leading providers of tick data services, and Thomson Reuters had been distributing its Velocity product under the Reuters Tick Capture Engine label for the four years prior to the acquisition.^[30]

On September 21, 2009, Thomson Reuters bought Hugin Group, the European IR and PR distribution group, from NYSE Euronext. Terms have not been disclosed, but it has been reported in Danish newspapers that the price was between €40 million and €42m.^[31]

In November 2009 The Tax & Accounting business acquired Sabrix, Inc, a leading global provider of transaction tax management software applications and related services.^[32]

In February 2010 Thomson Reuters acquired Aegisoft LLC to improve their electronic trading capabilities by offering direct market access.^[33]

In May 2010 Thomson Reuters acquired Point Carbon A/S, a Norwegian company that provides news and trading analytics for the energy and environmental markets.^[34]

In October 2010, Thomson Reuters acquired Serengeti Law, a matter management and ebilling system.

In November 2010, Thomson Reuters acquired the legal process outsourcing (LPO) provider Pangea3. Pangea3 serves corporate legal departments and law firms worldwide. Financial Terms of the deal were not disclosed.^[35]

In November 2010, Thomson Reuters acquired the banking data and analytic provider, Highline Financial.

In November 2010, Thomson Reuters acquired GeneGo, the leading supplier of systems biology databases, software and services.^[36]

In December 2011, Thomson Reuters acquired Emochila, a leading website development firm in the tax and accounting space, in order to further integrate its CS suite of products onto a cloud-based platform.^[37]

In January 2012, Thomson Reuters acquired Dr Tax, Canada’s largest independently owned developer of income tax software for accounting firms and consumers.^{[38] [39]}

In February 2012, Thomson Reuters acquired RedEgg, a leading provider of media intelligence solutions for public relations and marketing professionals. ^[40]

See also[link]

• ISI Web of Knowledge
• Thomson Reuters Citation Laureates

Sponsorships[link]

Thomson Reuters has sponsored Canadian golf champion Mike Weir and the AT&T Williams Formula One team. It also sponsors Marketplace, a radio show from American Public Media.

References[link]

Further reading[link]

• Peter Kaplan (2007-05-04). "Thomson Reuters deal would raise U.S. antitrust issue". Reuters. http://www.reuters.com/article/reutersEdge/idUSN0443007720070504. 
• Penny Crosman (2007-05-16). "How Will the Thomson Reuters Marriage Affect Customers?". Wall Street & Technology (CMP Media LLC). http://www.wallstreetandtech.com/blog/archives/2007/05/how_will_the_th.html. 
• Ian Austen (2007-05-09). "Combined Thomson Reuters Would Challenge Bloomberg". New York Times. http://www.nytimes.com/2007/05/09/business/media/09reuters.html?ex=1336363200&en=7605dd8d471438d3&ei=5088&partner=rssnyt&emc=rss. 
• Jerry Bowles (2007-06-18). "Reuters using social media software to launch community around environmental markets". WebPro News. http://www.webpronews.com/blogtalk/2007/06/18/reuters-on-blogtronix. 
• Ovide, Shira (2011-07-26). "Crunch Time at Thomson Reuters". Wall Street Journal. http://online.wsj.com/article/SB10001424053111903591104576468410542713854.html.  "CEO Glocer Is Under Pressure After Restructuring Backed by Controlling Family".

External links[link]

	New York City portal
	Companies portal

• Official website
• Reuters Interactive powered by BTX Enterprise
• Reuters Insider
• Thomson Reuters On Demand

v t e Thomson Reuters Professional Division Legal (US & Intl.) Carswell · Derwent World Patents Index · FindLaw (Writ) · La Ley · Sweet & Maxwell (IDS) · West · Westlaw · West LegalEdCenter Healthcare & Science Web of Knowledge (Current Contents · Journal Citation Reports) Web of Science (Science Citation Index · Social Sciences Citation Index · Arts and Humanities Citation Index) · BIOSIS Previews (Biological Abstracts · The Zoological Record) · EndNote · Physicians' Desk Reference · ResearcherID · Thomson Reuters Citation Laureates Markets Division Breakingviews · EcoWin · Extel Surveys · I/B/E/S · ITN (20%) · Lipper · Reuters · Thomson Reuters Business Classification · Thomson Reuters Indices · Thomson Reuters/Jefferies CRB Index · Thomson Reuters league tables · Thomson Reuters Messenger · Thomson Reuters Realized Volatility Index Predecessors Reuters Group · The Thomson Corporation Other 3 Times Square · Tom Glocer · David Thomson · The Woodbridge Company Category

Jeffrey Immelt
Immelt at the Centricity Healthcare User Group conference in Washington, D.C. (August 28, 2009)
Chairperson of the Council on Jobs and Competitiveness
Incumbent
Assumed office February 23, 2011
President	Barack Obama
Preceded by	Paul Volcker (President's Economic Recovery Advisory Board)
Chairman and CEO of General Electric
Incumbent
Assumed office September 7, 2001
Preceded by	Jack Welch
Personal details
Born	(1956-02-19) February 19, 1956 (age 56) Cincinnati, Ohio, United States
Political party	Republican Party[1]
Spouse(s)	Andrea Immelt
Children	1 (Sarah)
Alma mater	Dartmouth College Harvard Business School

Jeffrey Robert "Jeff" Immelt (born February 19, 1956) is an American business executive. He is currently the chairman of the board and chief executive officer of the U.S.-based conglomerate General Electric. He was selected by GE's Board of Directors in 2000 to replace Jack Welch following his retirement. Previously, Immelt had headed up GE's Medical Systems division (now known as GE Healthcare) as its President and CEO.

Life and career[link]

Immelt was born in Cincinnati, Ohio, the son of Donna Rosemary (née Wallace), a school teacher, and Joseph Francis Immelt, who managed the General Electric Aircraft Engines Division.^[2][3] Immelt attended Finneytown High School; he played football in college and was an offensive tackle^[4]. He holds an B.A. in Applied Mathematics from Dartmouth College where he currently serves on the board of trustees^[5] and was president of his fraternity, Phi Delta Alpha, and an M.B.A. from Harvard Business School. He has been with GE since 1982 and is on the board of two non-profit organizations, one of which is the Robin Hood Foundation, a charitable organization which attempts to alleviate problems caused by poverty in New York City.^[6]

His tenure as chairman and CEO started off on a low note - he took over the role on September 7, 2001, just four days before the terrorist attacks on the United States, which killed two employees and cost GE's insurance business $600 million, as well as having a direct effect on the company's Aircraft Engines sector. Jeffrey Immelt has been CEO of General Electric for 10 years and with the company for 29 years, where he finds himself as number 145 on Forbes' CEO Compensation list. He has a total five year compensation of $53.82 million, ranking him 6th place among the Conglomerates. ^[7] Immelt was named to Time magazine's 100 most influential people in the world in 2008.^[8] Since taking over, GE's stock has dropped nearly 60%. General Electric has closed more than 31 plants since 2008 and let go of more than 19,000 employees, but Immelt still took home $15.2 million in 2011.^[9] Recently, Immelt has been criticized by Fox News Channel's Bill O'Reilly for business transactions between GE and Iran, the country which has reportedly been attacking U.S. forces in Iraq.^[10] O'Reilly went as far as to say, "If my child were killed in Iraq, I would blame the likes of Jeffrey Immelt".^[11] GE's website claims that the company stopped doing business in Iran in 2005 (and finished all contracts by 2008).^[12]

According to documents filed with the Federal Elections Commission, Immelt lives with his wife Andrea in New Canaan, Connecticut.

Obama administration[link]

In February 2009, Immelt was appointed as a member to the President's Economic Recovery Advisory Board to provide the president and his administration with advice and counsel in fixing America's economic downturn.^[13] When President Obama chose to put Jeffrey Immelt at the head of the Economic Advisory Board, he felt that Immelt had attributions in knowing what would help the global economy. Obama has reported that Immelt has emerged as one of his top economic advisors in regards to trying to rebuild America's economy.^[14]

On January 21, 2011, President Obama announced Immelt's appointment as chairman of his outside panel of economic advisers, succeeding former Federal Reserve chairman Paul Volcker.^[15] The New York Times reported that Obama's appointment of Immelt was "another strong signal that he intends to make the White House more business-friendly."^[15] Immelt will retain his post at G.E. while becoming "chairman of the Council on Jobs and Competitiveness, a newly named panel that President Obama is creating by executive order."^[15] Despite this, in July 2011 Immelt's General Electric announced that it is in the process of relocating its X-ray division from Wisconsin to China.^[16][17] Immelt had previously referred to China as GE's "second home market".^[18]

Compensation[link]

Immelt at U.S. Climate Action Partnership event in 2007

As CEO of General Electric in 2007, Immelt earned a total compensation of $14,209,267, which included a base salary of $3,300,000, a cash bonus of $5,800,000, stocks granted of $4,713,000, and options granted of $0.^[19] In 2008, he earned a total compensation of $5,717,469, which included a base salary of $3,300,000, stocks granted of $2,044,650, and other compensation of $372,819. He waived his bonus in 2008.^[20] In 2009, Immelt earned a total compensation of $5,487,155, which included a base salary of $3,300,000, a cash bonus of $0, stocks granted of $1,791,000, and options granted of $0, and other income of $396,155.^[21] In 2010, Immelt's compensation nearly doubled to $15.2 million. He did not receive any bonus for almost 2 years, but in February he received $4 million for his work in 2010. ^[22]

Commencement addresses[link]

After becoming chairman of GE, Immelt delivered his first commencement address to the 2001 graduating class of the Thayer School of Engineering at Dartmouth College, of which he is an alumnus. He gave the college commencement address and received an honorary Doctor of Laws from Dartmouth, in June 2004.^[23] In the years that followed, Immelt gave the commencement address at Northeastern University (2006), Pepperdine University on April 29, 2006, the Georgia Institute of Technology on May 5, 2007, the University of Notre Dame on May 20, 2007, Worcester Polytechnic Institute on May 17, 2008, and Michigan State University on December 11, 2010, receiving honorary doctorates from all six as well. He was the commencement speaker on May 23, 2010, at Hamilton College and on May 24, 2010, at Boston College. He addressed the undergraduate class of 2011 of the University of Maryland, Baltimore County on May 23, 2011, and received an honorary Doctor of Public Service ^[24] degree despite controversy at the school^[25] over GE's corporate tax strategies.^[26]

Further reading[link]

• David Magee, 2009, Jeff Immelt and the New GE Way: Innovation, Transformation, and Winning in the 21st Century, McGraw-Hill Professional. ISBN 978-0-07-160587-8
• The Immelt Revolution, businessweek, 2005

References[link]

External links[link]

• General Electric, Executive Bio and Photo
• September 2009 speech by Immelt regarding GE Healthcare
• Leading Questions: GE's Jeff Immelt, Interview with BBC Business

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