With a reach that stretches around the globe and a finger on the pulse of news events from Australia to Alaska, Reuters (Nasdaq: RTRSY) announced Thursday that it is forming a new global business unit to expand its reach into cyberspace.
Announcing the formation of New Media International, the British global news service said it intends to pursue Internet publishing ventures in Europe, Asia and Latin America with the same vigor it has in building up its online presence in the United States.
The company said it would invest “significant staff and resources to develop the new unit throughout this year and next. Half the staff is expected to develop content and presentation and the other half to provide sales, marketing and technical support.
“This is a very exciting time at Reuters,” said newly appointed New Media International President, Andrew Nibley. “We see great opportunities to expand the proven success of Reuters New Media on a global scale. That Reuters decided to establish this new group emphasizes the company’s commitment to growing its business and enhancing its brand on the Internet.”
All The News Fit To Print
Reuters spokesman Adam Wolf told the E-Commerce Times that the company would look to sign content agreements with portals and sites in other regions, essentially trying to replicate the phenomenal success it has had signing up American partners.
It currently supplies news content to more than 225 Web sites, including a Who’s Who roster of Yahoo!, AOL, Lycos, Excite and the GO network. Reuters claims to attract some 12 million to 14 million unique visitors on its own site as well.
The company is active on many fronts, not the least of which is providing interactive business services to the corporate desktop market. Reuters linked up with Dow Jones Interactive to form a joint venture in May. The new Dow Jones Interactive and Reuters Business Briefing will deliver a Web-based service of corporate news and research data.
Reuters also noted Thursday that it was awarded two e-commerce patents by the U.S. Patent Office. Without getting into specifics, Reuters said the patents are directed to electronic trading systems and methods for trading financial instruments over the Internet and other networks.
The company reported revenues of $2.46 billion (US$) for the six-month period ending June 30. Reuters Group employs almost 17,000 people in 95 countries and has 183 news bureaus serving 157 countries.