The Info List - Thomson Corporation

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The Thomson Corporation
Thomson Corporation
was one of the world's largest information companies. It was established in 1989 following a merger between International Thomson Organisation Ltd (ITOL) and Thomson Newspapers.[1] In 2008, it purchased Reuters Group
Reuters Group
to form Thomson Reuters. The Thomson Corporation
Thomson Corporation
was active in financial services, healthcare sectors, law, science and technology research and tax and accounting sectors. The company operated through five segments (2007 onwards): Thomson Financial, Thomson Healthcare, Thomson Legal, Thomson Scientific and Thomson Tax & Accounting. Until 2007, Thomson was also a major worldwide provider of higher education textbooks, academic information solutions and reference materials. On 26 October 2006, Thomson announced the proposed sale of its Thomson Learning assets. In May 2007, Thomson Learning was acquired by Apax Partners
Apax Partners
and subsequently renamed Cengage Learning
Cengage Learning
in July. The Thomson Learning brand was used to the end of August 2007.[3] Subsequently, on 15 October 2007, Educational Testing Service
Educational Testing Service
(ETS) finalized acquisition of Thomson's Prometric. Thomson sold its global network of testing centres in 135 countries, for a reported $435 million. Prometric now operates as a wholly owned subsidiary of ETS.[4] On 15 May 2007, the Thomson Corporation
Thomson Corporation
reached an agreement with Reuters
to combine the two companies, a deal valued at $17.2 billion. On 17 April 2008 the new company was created under the name of Thomson Reuters. The chief executive officer of Thomson Reuters
Thomson Reuters
is Jim Smith, and the chairman is David Thomson, formerly of the Thomson Corporation. Although it was officially a Canadian company and remained Canadian owned, Thomson was run from its operational headquarters in Stamford, Connecticut, in the United States.


1 History

1.1 Transition to business information

2 Brands 3 Restatements 4 Corporate governance 5 References 6 Further reading 7 External links

History[edit] Thomson had grown from a single Canadian newspaper, the Timmins Daily Press, acquired in 1934 by Roy Thomson, 1st Baron Thomson of Fleet, into a global media concern. The Baron acquired his first non-Canadian newspaper the Independent of St. Petersburg, Florida in 1952 and the next year it expanded to the United Kingdom. It once owned several prominent newspapers in the UK, including The Times
The Times
and The Scotsman, and it owned Scottish Television.[5] In the 1960s, Thomson's publishing realm expanded further to include Thomson Publication (UK), a consumer magazine and book publishing house, and The Times. In 1965, Thomson Newspapers, Ltd. was formed as a publicly traded company in Canada. Roy Thomson's prolific endeavors in publishing had earned him a hereditary title, Lord Thomson of Fleet. Yet, Thomson's interests moved beyond publishing with the creation of Thomson Travel and acquisition of Britannia Airways
Britannia Airways
in 1965 and 1971,[6] and a foray into a consortium exploring the North Sea for oil and gas. Thomson used its oil profits to buy small newspapers in the United States, starting with the acquisition of Brush-Moore Newspapers in 1967 for $72 million, at the time the largest sale of newspapers.[7] By the end of the 1970s, Thomson Newspapers' circulation in the United States had surpassed the 1 million mark. The merger of Thomson Newspapers and the International Thomson Organization in 1989 created the Thomson Corporation. Over the years, the company has withdrawn from its holdings in the oil and gas business, the travel industry and department stores.[8] When Kenneth Thomson took over from his father Roy in 1976, the company was worth about $500 million. At Kenneth's death in June 2006, the company was valued at about $29.3 billion.[8] Transition to business information[edit] In 1978, the acquisition of Wadsworth Publishing
provided Thomson with its first entry into specialised information, college textbooks and professional books.[8] (In 2007, Thomson Learning, including the Wadsworth imprint, was sold and renamed as Cengage Learning.)[9] Starting in the mid-1990s, Thomson invested further in specialised information services (but this time providing them in digital format) and began selling off its newspapers. That was about the time Richard J. Harrington, an accountant, became chief executive officer of the company. One of the first moves came when Thomson spent $3.4 billion to acquire the West Publishing
Company, a legal information provider in Eagan, MN.[8] In recent years, Thomson provided much of the specialised information content the world's financial, legal, research and medical organizations rely on every day to make business-critical decisions and drive innovation. While it remained a publishing company, early and aggressive investment in electronic delivery had become a key company goal.[8] "Except for its educational division, which still publishes a substantial number of conventional textbooks, Thomson had the good fortune to move into these businesses as customers were demanding electronic delivery of their information," according to a 3 July 2006 article in the New York Times. "In some markets, Thomson was able to move past other players who were more cautious about digital conversion."[8] Brands[edit] Some of Thomson's brands are better known than the company name itself. Its brands include Thomson ONE, Westlaw, FindLaw, BarBri, Pangea3, Physician's Desk Reference, RIA, Tax and Accounting (tax and accounting software and services for Accountants) Creative Solutions, Quickfinder, DISEASEDEX, DrugREAX, Medstat, Thomson First Call, Checkpoint, EndNote, Derwent World Patent Index, SAEGIS, Micropatent, Aureka, Faxpat, OptiPat, Just Files, Corporate Intelligence, InfoTrac, Delphion, Arco Test Prep, Peterson's Directories, NewsEdge, TradeWeb, Web of Science
Web of Science
and the Arden Shakespeare. Thomson formerly owned Jane's Information Group. These information sources are produced by the many companies of Thomson, including West Publishing, Thomson Financial, ISI, Thomson Gale, Dialog Corporation, Brookers, Carswell, CCBN, Course Technology, Gardiner-Caldwell, IHI, Lawbook Co, Wadsworth, Thomson CompuMark and Sweet & Maxwell. In 2003, the Thomson Corporation
Thomson Corporation
bought the Chilton automotive assets.[10] In late 2004, the company sold its Thomson Media group to Investcorp. The B2B publishing group, which features such titles as American Banker, National Mortgage News, and the Bond Buyer, is now known as SourceMedia. In October 2006, the company confirmed it would sell the Thomson Learning market group in three parts. The first part, corporate education and training (NETg), has agreed to be sold to Skillsoft for $285 million. Apax
announced its acquisition of Thomson's higher education business on 11 May 2007, for $7.5 billion in cash assets.[citation needed] Thomson Reuters
Thomson Reuters
New Zealand Limited has been publishing and updating information on New Zealand law
New Zealand law
since 1910, formerly as John Friend Ltd, to Brooker and Friend Ltd, to Brookers, to Thomson Brookers'.[11] Thomson had divested many of its traditional media assets – or combined them with digital products – and had moved toward a larger reliance on information technology services and products.[citation needed] Restatements[edit] On 1 January 2004, Thomson adopted a new accounting standard, which required restatement of all prior periods. The company restated its financial reports accordingly.[citation needed] Corporate governance[edit] Members of the last board of directors of Thomson were as follows: David K.R. Thomson (chairman of the board since 2002), W. Geoffrey Beattie, Richard Harrington, Ron D. Barbaro, Mary Cirillo, Robert Daleo, Steven Denning, Maureen Darkes, Roger Martin, Vance Opperman, John M. Thompson, Peter Thomson, Richard Thomson and John A. Tory. The Thomson family owned 70% of the company.[8] When Kenneth Thomson died in June 2006, control of the family fortune passed on to David K.R. Thomson under a plan put together decades earlier by company founder Roy Thomson.[8] "David, my grandson, will have to take his part in the running of the organisation and David's son, too," Roy wrote in his 1975 autobiography. "With the fortune that we will leave to them go also responsibilities. These Thomson boys that come after Ken are not going to be able, even if they want to, to shrug off these responsibilities."[8] The Thomson family controlled the Thomson Corporation
Thomson Corporation
through a family-owned entity, the Woodbridge Company, based in Toronto. (Along with 70% of Thomson Corporation, Woodbridge also owns a 40% stake in CTVglobemedia, which now owns the Globe and Mail daily newspaper in Toronto
and CTV, Canada's largest commercial TV network.) David K.R. Thomson and his brother, Peter Thomson, became co-chairmen of Woodbridge after their father's death.[8] References[edit]

^ a b The Thomson Corporation
Thomson Corporation
History. FundingUniverse. ^ " Thomson Reuters
Thomson Reuters
Corp". Google Finance. Retrieved 2007-05-08.  ^ "Thomson Learning Announces New Name - CENGAGE Learning" (Press release). PRNewswire. 2007-07-24. Retrieved 2007-07-29.  ^ "ETS Acquires Prometric" (Press release). ETS. 2007-10-15. Retrieved 2008-04-18.  ^ "History of The Thomson Corporation
Thomson Corporation
– FundingUniverse". www.fundinguniverse.com. Retrieved 2018-02-21.  ^ "The Thomson Corporation
Thomson Corporation
- Company Profile, Information, Business Description, History, Background Information on The Thomson Corporation". www.referenceforbusiness.com. Retrieved 2018-02-21.  ^ Newspapers: Strength in the Afternoon, Time (magazine), September 8, 1967 ^ a b c d e f g h i j [1]"In Canada, the Torch is Passed on a Quiet but Profitable Legacy," by Ian Austen, The New York Times
New York Times
(Business Day section) p. C1, July 3, 2006; accessed on July 3, 2006. ^ Thomson Learning press release ^ "Chilton Auto Parts, Chilton Repair Manuals for Sale". www.autopartswarehouse.com. Retrieved 2018-02-21.  ^ "About Us". Thomson Reuters
Thomson Reuters
New Zealand. Retrieved December 3, 2014. 

Further reading[edit]

Goldenberg, Susan (1984). The Thomson Empire. New York: Beaufort Books. ISBN 0825302595.  Prochnau, William (October 1998). "In Lord Thomson's Realm". American Journalism Review. College Park, Maryland: University of Maryland Foundation. 

External links[edit]

Mary H. Munroe (2004). " Thomson Corporation
Thomson Corporation
Timeline". The Academic Publishing
Industry: A Story of Merger
and Acquisition. Archived from the original on 2014-10-20 – via Northern Illinois University. 

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(Writ) La Ley Practical Law Company Sweet & Maxwell (IDS) West Westlaw West LegalEdCenter Pangea3


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