Paris: The International Herald Tribune is to announce plans on Monday to transform its financial section online and in print next month by forging an alliance with the news agency Reuters.
The daily business section of IHT.com and the print editions—which will be renamed Business with Reuters—will publish news from both organizations.
The project could mark the start of broader cooperation, said Michael Oreskes, executive editor of the newspaper, which is based here and owned by The New York Times.
Michael Golden, publisher of the International Herald Tribune and vice-chairman of The New York Times Co. He said Reuters and the IHT were discussing further ways to work together
“We are inventing something new and exciting for both our audiences,” he said. “We are combining the very best of two of the best journalistic organizations on earth to produce a global report on finance, economics and business of the highest calibre. It is difficult to imagine a moment when this matters more.”
With the agreement, Reuters replaces its fierce rival, Bloomberg, which since 2002 has maintained a business partnership with The Herald Tribune in financial sections called Business Asia by Bloomberg (in the newspaper’s Asian editions) and Marketplace by Bloomberg (in Europe).
The agreement between Reuters and the International Herald Tribune will give the news agency a broader presence in the paper’s entire business section, said Monique Villa, a managing director of Reuters Media, which is based in London and has more than 2,400 journalists in 196 bureaus. She said the agency’s ambition was to “become more indispensable to clients. The more you build with them, the more loyalty you will get.”
Reuters is in the midst of seeking regulatory approval in Europe to combine with the Toronto-based publisher Thomson, which is acquiring the company for about $18 billion (Rs70,920 crore) to become the largest financial news and data firm, surpassing Bloomberg. Neither Reuters nor the International Herald Tribune would disclose the terms of their financial agreement or the length of the contract.
Along with the debut of the section on 7 January will be a new co-branded website that aims to offer faster and richer access to breaking news, features and multimedia components. Editors from both news organizations will work closely on “conceiving, editing and assigning” stories for the business report in various media formats, Oreskes said.
The International Herald Tribune will edit the business report, which will feature Reuters columnists such as James Saft along with the rotating columns of regular International Herald Tribune and The New York Times columnists such as Gretchen Morgenson and Floyd Norris.
Villa said that Reuters eventually would like to extend its alliance to The Times newspaper and its website. Michael Golden, publisher of the International Herald Tribune and vice-chairman of The New York Times Co. said that Reuters and the International Herald Tribune were discussing further ways to work together.
“We are news organizations that very much share the same values and reach and in many ways a very similar audience,” Golden said. “So we believe that there are things we can do that are of use to them and things they can do that are of use to us.”
©2007/THE NEW YORK TIMES