By Brian Mooney
An within examine the stunning decline of Reuters.
* positive factors unique interviews with Reuters staffers, rivals, and clients
* Written via former Reuters journalists
* Examines one of many greatest tales in fresh journalism heritage
Read or Download Breaking News: How the Wheels Came off at Reuters PDF
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Additional resources for Breaking News: How the Wheels Came off at Reuters
In 1989 they reached an agreement with Stephen Levkoff in the first serious attempt to outflank Bloomberg, and the first clear sign that the company had woken up to the threat. The 49 BREAKING NEWS relationship was to prove a costly mistake for both parties. Reuters initially approached Levkoff, a senior vice-president at Smith Barney, to develop a product to compete in Bloomberg’s home market. He joined forces with Reuters as a consultant working through his own company, Capital Markets Decisions (CMD), based in Stamford, Connecticut.
The risk-taking and the entrepreneurial guts that took Reuters into developing Monitor and Dealing were rarely put behind them. Indeed, many acquisitions disappeared virtually without trace, including a myriad of small, local products running on technical platforms incompatible with Reuters own systems. Sometimes, too, the company’s left hand did not know what the right was doing. In the late 1990s it made major investments in two competing electronic order routing systems for market trades – GL and Liberty – in effect buying the same technology twice from outside the company while, at the same time developing similar technology inside at Effix.
40 The Man Who Rode a Tiger At the end of a busy few days of new product demonstrations and sales training, the managers staged an elaborate cabaret to entertain their staff at the closing dinner. Reuterizing the lyrics of well-known songs, backed by professional musicians and with a rising star of marketing, Krishna Biltoo, face whited-out à la Cabaret’s Joel Grey, as compère, sales managers donned garish drag to seduce a supposed top banker to the strains of Big Spender. Another strutted his stuff in an astonishing Mick Jagger impersonation while the grand finale was a rendering of Life is a Cabaret by a top-hatted, tail-suited marketing manager: What good is working for Villeneuve or Ure, Europe or RNA?