By Brian Mooney
An within examine the surprising decline of Reuters.
* positive aspects specific interviews with Reuters staffers, opponents, and clients
* Written by way of former Reuters journalists
* Examines one of many largest tales in contemporary journalism heritage
Read Online or Download Breaking News: How the Wheels Came off at Reuters PDF
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Extra info for Breaking News: How the Wheels Came off at Reuters
Efforts to integrate Reuters data with the system proved fruitless, and the new acquisition quietly faded into oblivion. Nevertheless, the shopping spree continued at a furious 24 Buying Business pace, broadening the product range rapidly. Other acquisitions in the Renfrew era included IP Sharp, a Toronto-based database of market data, and Finsbury Data, a London news database which formed the foundation for Reuters diversification into historical news retrieval. Reuters paused for breath after Renfrew’s retirement, then launched into another frenzied wave of acquisitions after Peter Job took over.
Heinrich Wenzel says Decision 2000 was ‘deeply misguided’. ” As the relationship slid out of control, a final confrontation took place over ownership of the data Levkoff had created for the product. Levkoff thought it was his, Reuters believed it owned the copyright and at some stage started to recreate the database so that it could cut free altogether from Levkoff. “Levkoff became more and more vitriolic at meetings and more and more demanding, and started to hold Reuters hostage to the data that he was creating.
28 Matchmaking When the new system, Dealing 2000-2, was launched in April 1992, the banks were impressed and some of the leading foreign exchange players raised the possibility of a joint venture with Reuters to operate it. Partnerships, however, were not part of the ethos of Reuters, which liked to do things its own way. The banks were unhappy about the prospect of an effective Reuters monopoly in matching and, indeed, had been researching their own system for a couple of years. The delay in the Reuters launch resulting from the broken trades issue had given them time to catch up, and in 1993 a group of major banks launched a rival system, EBS, which, according to one senior Reuters marketing executive “completely ate Reuters lunch”.