Sunday, May 9, 2021

Reuters appointed names editor in chief

One of the highest ranking editors of the news agency, Reuters, has named Raisen Galloni.

Ms. Galloni, 47, will be the first woman to lead the Reuters newsroom in its 170-year history. As global managing editor since 2015, she was already at the top of one of the world’s largest news organizations with 2,500 journalists in 200 locations.

A native of Rome, Ms. Galoni, working in the company’s London office, will succeed Stephen j adler, Who led Reuters for a decade before announcing his retirement this year. Under his watch, the company won seven Pulitzer Prizes, including the Breaking-News Photography Award in 2019 and 2020. Ms. Galloni will be in London after starting her new role next Monday.

“For 170 years, Reuters has set the standard for independent, reliable and global reporting,” she said in a statement. “It is an honor to lead a world-class newsroom full of talented, dedicated and inspiring journalists.”

Early in her career, Ms. Galoni worked in Reuters’ Italian-language news service. He went on to serve a 13-year term as a reporter and editor at the Wall Street Journal before rejoining Reuters as editor of its Southern Europe bureau in 2013.

Reuters president Michael Freidenberg said in a statement that Ms. Galloni had “a compelling vision for the future of the news”.

“She was the standout candidate in a comprehensive, global search and highly competitive recruitment process, with many influential internal and external candidates,” he said.

The executive at the parent company, Thomson Reuters, is looking for ways to cut costs and increase revenue on the news agency. This means that Ms. Galloni should be more of an entrepreneurial leader.

Reuters has little profit for the size of its business. Last year it made $ 73 million in pretax profit on $ 628 million in revenue.

While owned by Thomson Reuters, Reuters is primarily funded by another company: the London Stock Exchange Group. Reuters receives at least $ 325 million per year for the next 28 years from the entity that operates the British Exchange, and about 60 percent of the cost of the newsroom last year was funded by the seller agreement.

A complex set of acquisitions resulted in unique arrangements. In October 2018, Thomson Reuters sold most of its data business to the Blackstone Group, known as Refinitive, in a $ 20 billion deal. Reuters has been integrated into Refinitive, a product popular with Wall Street traders and business executives. It competes with Bloomberg LP

But for a long time By law Governor Reuters makes the acquisition of the newsroom almost impossible. A so-called poison pill provision prohibits any single entity from owning more than 15 percent of news operations. Another provision gives directors of trusts the power to veto a Reuters veto or to terminate any takeover.

Partly because of that complexity, Thomson Reuters put in place an arrangement in which Blackstone agreed to pay at least $ 325 million per year for 30 years, giving the newsroom about $ 10 billion in endowments.

In January, Blackstone sold Refinitiv to the London Stock Exchange Group in an all-stock transaction.

Financial data has become much more important for stock exchanges and trading houses as computer-aided trading, or bot trading, has become more popular. Marketplaces such as the London Stock Exchange are trying to offer more one-stop-shop solutions to customers in addition to data and news.

The appointment of Ms. Galoni, who received the 2020 Lawrence Minor Editor Award from the Gerald Loeb Foundation, which honors business journalists, fills a top journalism job while other leading newsrooms are looking for their next top editors. Norman Pearlstein Retired from the top news room job at the Los Angeles Times in December and Martin Barron, executive editor of The Washington Post, called it a career in February. Both publications are expected to name their replacements soon.

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