Rumors of the death of the old media have not been exaggerated. Thomson Reuters announced today that they’d be cutting 2,500 jobs, a full 4 percent of its entire workforce. CEO Jim Smith explained, “These are not easy decisions, but our cost structure has to meet our customer’s requirements.”
The company profited heavily in the fourth quarter – they must be one of the companies President Obama ripped as corporate profiteers at the expense of employees – but they’re laying people off just the same. The company’s stock slid on the firing announcements.