Thomson Reuters Corp and London Stock Exchange Group expand partnership
(Reuters) - The London Stock Exchange Group and Thomson Reuters Corp will expand a long-term partnership that will include investments in the newsroom and an agreement to launch consumer subscription products, the companies said on Tuesday.
The agreement resolves a dispute over plans by Reuters News in 2021 to launch a subscription paywall for the Reuters.com website. The two companies did not specify a date when the paywall will launch.
Reuters, a division of Thomson Reuters, had planned to start charging for news on Reuters.com in 2021 but postponed plans shortly after announcing the launch.
The LSE bought financial news and information business Refinitiv, formerly a division of Thomson Reuters. It pays Thomson Reuters for news it distributes on Refinitiv terminals. Thomson Reuters holds a minority stake in LSEG.
“At Thomson Reuters we are committed to investing in world leading journalism and talent, taking our partnership with LSEG to the next level,” Steve Hasker, CEO of Thomson Reuters, said in a prepared statement.
The agreement will include an investment in 100 editorial roles in the Reuters newsroom focused on financial and markets coverage. It will include a "significant expansion" of Reuters India's financial file and China equities coverage.
PLX AI, a recently acquired financial news service powered by artificial intelligence that is integrated into Reuters News, will be expanded across additional markets.
"This collaboration will broaden our news offering, enhancing the speed and analysis of breaking news and increasing the value of services provided to LSEG customers,” David Schwimmer, CEO of LSEG, said in a prepared statement.
(Reporting by Kenneth Li in New York; Editing by Howard Goller)