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Concept
Reuters
Summary
Reuters (ˈrɔɪtərz, ) is a news agency owned by Thomson Reuters Corporation. It employs around 2,500 journalists and 600 photojournalists in about 200 locations worldwide. Reuters is one of the largest news agencies in the world.
The agency was established in London in 1851 by the German-born Paul Reuter. It was acquired by the Thomson Corporation of Canada in 2008 and now makes up the media division of Thomson Reuters.
Paul Reuter worked at a book-publishing firm in Berlin and was involved in distributing radical pamphlets at the beginning of the Revolutions in 1848. These publications brought much attention to Reuter, who in 1850 developed a prototype news service in Aachen using homing pigeons and electric telegraphy from 1851 on, in order to transmit messages between Brussels and Aachen, in what today is Aachen's Reuters House.
Reuter moved to London in 1851 and established a news wire agency at the London Royal Exchange. Headquartered in London, Reuter's company initially covered commercial news, serving banks, brokerage houses, and business firms. The first newspaper client to subscribe was the London Morning Advertiser in 1858, and more began to subscribe soon after. According to the Encyclopædia Britannica: "the value of Reuters to newspapers lay not only in the financial news it provided but in its ability to be the first to report on stories of international importance." It was the first to report Abraham Lincoln's assassination in Europe, for instance, in 1865.
In 1865, Reuter incorporated his private business, under the name Reuter's Telegram Company Limited; Reuter was appointed managing director of the company.
In 1870 the press agencies French Havas (founded in 1835), British Reuter's (founded in 1851) and German Wolff (founded in 1849) signed an agreement (known as the Ring Combination) that set 'reserved territories' for the three agencies. Each agency made its own separate contracts with national agencies or other subscribers within its territory. In practice, Reuters, who came up with the idea, tended to dominate the Ring Combination.
Official source
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