Thomson Corp. has agreed to buy the Reuters Group for $17 billion. That's big news! The new combined entity will compete with Bloomberg and Dow Jones News Wires.
The deal makes sense. Thomson has a lot of financial data, that journalists like me use every day, and Reuters has a strong news operation. Together they can probably compete better against Bloomberg.
The Bloomberg terminals are quite expensive and not very user friendly. But the kind of access you can get to both financial data and news with them is awesome.
I have used both the Bloomberg terminals and Thomson Financial, and while I prefer the Bloomberg terminal for the depth and quality of data, I like Thomson Financial for its user friendly features.
So far, the biggest drawback that I saw, with the Thomson Financial site was its lack of access to news and Reuters can help fill that gap.
That said, taking on Bloomberg won't be easy. Bloomberg is very aggressive and, from what I know, almost fanatical in its determination to get be the first to get the news out.
The loser in this battle though could be Dow Jones. Dow Jones could get pushed to the number three position. But as long as the Wall Street Journal continues to carry Dow Jones it can stay relevant but it think it will be near-impossible for it to be the market leader.
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