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Factiva sale sets reuters free.(Reuters Group PLC sells its stake in Dow Jones Reuters Business Interactive L.L.C. )
Byline: tracey caldwell
Factiva sale sets Reuters free
Reuters has shed news aggregator Factiva, citing competition for archived news from the free web, such as Google News Archive. While the exact threat from the likes of Google is debatable, there is no doubt that Reuters is putting itself in the strongest position it can to compete in an aggressive and changing news market.
Reuters CEO Tom Glocer said the company had sold its stake to its Factiva joint venture partner Dow Jones because it believed the archived news industry was shifting from a subscription model to free internet-based delivery. "It's really a question of the right time and the right price," he said.
Reuters content will remain on Factiva until mid-2010 and Reuters has agreed not to compete with Factiva's core business for a two-year period, and to continue supplying some content exclusively to Factiva.
Factiva added that the agreement would release it from certain joint venture conditions that limited its business opportunities.
Chris Ahearn, president of Reuters' Media division, said: "At the end of the day the strategic value that Dow Jones saw was greater than ours. We exit as corporate owner but continue as a commercial partner. We are now open to pursue strategic ways of serving
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