Former IDG Communications CEO Friedenberg named Reuters News president
(Adds Reuters News financials, Friedenberg background)
TORONTO, Nov 13 (Reuters) - Thomson Reuters Corp
has appointed former IDG Communications CEO Michael
Friedenberg as president of Reuters news and media operations,
Thomson Reuters said on Tuesday.
Friedenberg will join the company on Dec. 3 and report to
Jim Smith, president and chief executive officer of Thomson
Reuters, the statement said. He will be based in New York.
Editorial content will continue to be led by Editor-in-Chief
Stephen J. Adler, who will report to Friedenberg.
Friedenberg stepped down as global CEO of IDG
Communications, a technology media, data and marketing services
company, in October last year after four years in the job,
according to his LinkedIn profile. IDG's media brands include
popular publications Macworld and PCWorld.
"Michael's understanding of the challenges facing our media
customers and proven track record driving profitable growth will
add significant strength to our team as we work to further
monetize trusted, mission-critical news for our customers,"
Thomson Reuters sold a majority stake in its financial
terminal business to private equity firm Blackstone Group
this year. As part of that deal, the new company now called
Refinitiv will make minimum annual payments of $325 million to
Reuters over 30 years to secure access to its news service,
equating to almost $10 billion.
Reuters News will have about $625 million in revenue,
including the annual payment from Refinitiv and about $300
million in revenues from its media business, slightly higher
than its cost base.
For the quarter ended Sept. 30, Reuters News reported
revenue of $71 million on constant currency basis, a drop of 4
percent from a year ago, while adjusted EBITDA (earnings before
interest, tax, depreciation, and amortization) fell 17 percent
to $6 million.
(Reporting by Denny Thomas
Additional reporting by Sheila Dang in New York
Editing by Susan Thomas)
First Published: 2018-11-13 15:53:08
Updated 2018-11-13 18:03:38
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