Reuters Accepts Thomson Buyout

LONDON, May 16: Publisher Thomson Corp. has reached a deal
to buy Reuters in a $17.2 billion deal to create the world’s leading provider
of financial news and data.

The deal is still pending regulatory clearance and
shareholder approval, and the U.S. Department of Justice is said to be likely
to review the transaction.

The new venture, Thomson-Reuters Corporation, will have a
34-percent share of the financial information market, reports indicate. Reuters
CEO, Tom Glocer, will become CEO of the combined business. Thomson President and
CEO, Richard J. Harrington, will retire at the completion of the transaction.
Devin Wenig, currently COO of Reuters, will be CEO of Reuters (the combined
Thomson Financial unit and Reuters financial and media businesses) and Jim
Smith, currently COO of Thomson, will be CEO of Thomson-Reuters Professional.