High profits, low rates
ALEX KLAUSHOFER was right to single out Thomson Reuters in her Gripe (last issue).
Although the company reported profits of $793 million for the second quarter of 2009, it has now informed freelances that their fees will be cut to either 2008 levels or remain at 2009 rates, “whichever is the lower”.
As the people involved specialise in legal and corporate media the implications for quality are obvious — as are the chances that any reduction will lead to cancelled subscriptions, which will lead to a downward spiral in the group’s fortunes.
Name withheld by agreement