Updated: Thomson Reuters (NSDQ: TRIN) is buying business commentary service Breakingviews.com, as part of its expansion into financial commentary. The companies did not disclose financial details about the transaction, but a source close to the deal tells us the sale price was roughly $18 million, mostly in cash, although there were some options. The two parties have been talking about a deal since at least July and were said to be close to reaching an agreement late last month.
Thomson Reuters set up its own commentary hub a year ago — and says that service will now be combined with Breakingviews and use the Breakingviews’ brand — a move which will “ensure that there remains a clear distinction between the organization’s news service and its commentary offering.” The combined team will have about 30 people (Some of the founders of the Reuters international commentary team may move on to other roles at the company).
The new Breakingviews service will be available exclusively to Thomson Reuters desktop clients, although the company says it will also “build on” Breakingviews’ syndication agreements. Breakingviews — which was started in 2000 — syndicates its columns to big newspapers, including the NYT and the Telegraph in the U.K; it also sells online subscriptions to financial institutions, which account for most of its revenue.
NEW YORK (October 14, 2009)