Breaking News: How the Wheels Came off at Reuters

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9781841125459: Breaking News: How the Wheels Came off at Reuters
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An inside look at the shocking decline of Reuters.
* Features exclusive interviews with Reuters staffers, competitors, and clients
* Written by two former Reuters journalists
* Examines one of the biggest stories in recent journalism history

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From the Back Cover:

"Breaking News is a riveting insider account of what went wrong in one of the world's most successful companies. A brilliantly researched story, told with style and pace. Read it and heed the warnings."
—Tim Sebastian, best-selling novelist, international broadcaster and former Reuters correspondent.

Breaking News is the first book to expose the sorry tale of Reuters precipitous fall from grace. It is an incredible story of arrogance, missed opportunities, the loss of a dominant global market position and, ultimately, of a share price in freefall. This epic story begins with a businessman and would-be banker from Germany who becomes a successful journalist, and ends with a former New York mergers and acquisitions lawyer taking over a beleaguered business from a bunch of journalists who thought they had become bankers.

Breaking News is an in-depth look at Reuters dramatic reversal of fortune, based on the authors? own experience and interviews with dozens of current and former senior Reuters staff, as well as competitors, city analysts and the bankers, brokers, editors and others who comprise Reuters client base. Mooney and Simpson examine Reuters initial runaway success in exploiting new technology in the financial information markets, how this bred complacency and consequently led to the disastrous failure to meet the challenge of competition from Bloomberg. They also shed light on a host of other shortcomings including a doomed internet strategy, muddles over new technology, a severe loss of entrepreneurial drive and an increasingly self-indulgent senior management team.

From the Inside Flap:

Reuters has suffered a sudden and dramatic reversal in its fortunes. As recently as July 2001 Reuters, Britain’s only media and financial information company with a global brand, was riding the crest of a wave following three decades of spectacular and virtually uninterrupted growth. Less than two years later, it was reporting a record loss, with massive staff layoffs and a sharp decline in its share price to the point where it is viewed in the City as a possible takeover target.

The history of Reuters is a long and prestigious one, founded on news reporting known for its accuracy, reliability and independence. It was Reuters that first broke the news to the world of Lincoln's assassination and the Relief of Mafeking. At its peak in the 1980s and 1990s, Reuters was one of the most dynamic and successful companies in the world. So how could a company of such fine traditions, that fostered writing talents like Ian Fleming, Tim Sebastian and Frederick Forsyth, and pioneered the electronic market place to become the world’s largest financial information vendor, have got it so disastrously wrong?

Investigative journalism of the highest quality mixes easily with tabloid-style sensationalism in this riveting expose of the greatest achievements and biggest failures of one of the world's most famous companies.

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