According to reports from Daily Telegraph, Thomson Reuters (NYSE:TRI), a media conglomerate and one of the world’s leading information business sources, is preparing to launch a business television news channel to compete directly against rivals CNBC, Bloomberg, and Fox Business.
Directly competing against other rolling business channels in an already crowded market, is a gutsy move. But with the global digital TV industry developing at a fast and consistent pace where the digitalization has become a new trend, Thomson Reuters brass, headed by chief executive Tom Glocer, seems willing to take the risk.
Based on the latest statistics, digital TV users worldwide have grown at an annual rate of almost 30% since fiscal 2005 and projected to keep the same rate into fiscal 2009. Furthermore, the world’s digital TV market value has increased from US$57 billion in 2004 to reach US$104 billion into fiscal 2009.
The British newspaper notes the launch could be as early as January (though could get delayed) and that the plan is for the channel to appear on both the internet and some form of cable or digital platform.
In May the company announced plans to cut 140 editorial staff but said it would be creating 50 posts for “special projects” - understood to be the new television channel.