Thomson Reuters Cuts Confirmed: 140 Journalists Going; Web Video Additions Due
Monday, May 19, 2008; 11:06 AM
Thomson Reuters (NASDAQ: TRIN) will "eliminate" around 140 journalist posts around the world by year's end, we have confirmed. Around half the posts will go from Europe, where overlap is greatest; the remainder will be in the rest of the world, and a consultation process is just beginning.
Reuters News EIC David Schlesinger's email to staff (via Guardian) says the combined news operation will end up with 2,500 staff, more than Reuters' contribution of 2,380. The company targeted synergies of $750 million over the next three years but also expects to create 50 new newsroom jobs on a variety of strategic projects over the next few months, apparently including up to 20 web video staff.
Last week, Thomson Reuters told staff up to 650 jobs would go from content, technology and operations, with about 250 redundancies, plus 45 sales staff in Europe, Middle East and Africa, we confirmed. Markets unit CEO Devin Wenig met senior staff last week to lay out the plan. Group CEO Tom Glocer said upon the merger agreement last year there is "less overlap than people think there is".
All eyes now turn to the unions. Reuters is going in to the process generally targeting compulsory redundancies, though that will be considered on a case-by-case basis and the consultation has only just begun. National Union of Journalists members recently voted for industrial action to seek voluntary redundancies.