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Photo by Igor Golovniov/SOPA Images/LightRocket via Getty Images

Thomson Reuters, the global news and corporate information company, announced Tuesday at an investors conference in Canada that it will cut 3,200 jobs to reduce costs and to streamline its business.

Why it matters: The company is restructuring to focus on its legal and tax business. It sold a 55% stake of its Financial & Risk practice to The Blackstone Group earlier this year for a buyout deal worth $20 billion.

The details: Co-COO Nick Masterson said that staff had already been informed about 90% of the planned cuts, per Reuters.

  • The company said it plans to reduce its number of offices around the world by 30% to 133 locations by 2020.
  • It hopes to streamline operations by cutting the number of products it sells and instead hopes to increase sales numbers overall by selling a higher volume of its existing products to customers.
  • Reuters News, which makes up only a small part of the business, will remain.

Between the lines: Yahoo reported last month that Reuters set aside $2 billion to focus on strategic acquisitions that would bolster its legal and tax business.

  • Reuters stock was up nearly 4% after the announcement — an all-time high.

Go deeper: Blackstone strikes mega-buyout with Thomson Reuters

Go deeper

Janet Yellen confirmed as Treasury secretary

Janet Yellen. Photo: Alex Wong/Getty Images

The Senate voted 84-15 to confirm Janet Yellen as Treasury secretary on Monday.

Why it matters: Yellen is the first woman to serve as Treasury secretary, a Cabinet position that will be crucial in helping steer the country out of the pandemic-induced economic crisis.

Dan Primack, author of Pro Rata
3 hours ago - Economy & Business

Scoop: Red Sox strike out on deal to go public

Illustration: Sarah Grillo/Axios

The parent company of the Boston Red Sox and Liverpool F.C. has ended talks to sell a minority ownership stake to RedBall Acquisition, a SPAC formed by longtime baseball executive Billy Beane and investor Gerry Cardinale, Axios has learned from multiple sources. An alternative investment, structured more like private equity, remains possible.

Why it matters: Red Sox fans won't be able to buy stock in the team any time soon.