Thomson Reuters, Bloomberg on media acquisition trail
15 October 2009 | 6057 views | 0
Thomson Reuters has completed the acquisition of regulatory news outfit Hugin Group BV from Nyse Euronext. The consummation of the deal comes as the UK news and information group agrees an offer for financial commentary business Breakingviews and market data rival Bloomberg scoops up distressed print title Business Week.
Hugin operates a Web-based communication platform that electronically distributes press releases in real time to approximately 150 news wires, 152,000 journalists in Europe, 72,500 media outlets, and thousands of institutional investors and analysts. Additionally, Hugin files regulatory news with 27 stock exchanges in Europe and has software to fulfil regulatory requirements in 13 European countries.
Thomson Reuters plans to operate Hugin as part of its Corporate Services business, which also includes webcasting, IR website and stock surveillance services, as well as workflow-based Thomson ONE software.
Steve Roycroft, global managing director of Corporate Services at Thomson Reuters, comments: "This acquisition not only builds on our strong position in the corporate marketplace, but starts expanding our portfolio into new value-added areas."
Terms of the agreement were not disclosed.
News of the deal comes as Thomson Reuters builds on its financial commentary business with an agreement to acquire UK-based insight and analysis outfit Breakingviews.
Breakingviews will be managed by the Reuters news organisation and the combined Reuters Breakingviews commentary service will be made exclusively available to Thomson Reuters premium desktop clients immediately following the closing of the transaction.
Separately, Bloomberg has picked up 80-year old financial magazine Business Week from McGraw Hill in a fire sale for just a few million dollars. The reversal into print will yield 4.8 million readers, far surpassing the 300,000 Bloomberg terminal subscribers who currently receive the free monthly Bloomberg Markets title.