Morning Media Newsfeed: Reuters to Cut 3,000 Jobs | NY Post Goes to Trial | NYT Ad Woes

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Thomson Reuters Beats Wall Street’s Expectations, Plans to Cut 3,000 Positions (
Thomson Reuters on Tuesday reported a third-quarter profit of 48 cents per share, beating Wall Street expectations by 4 cents. “Our Financial business achieved positive net sales for the first time in more than two years,” CEO Jim Smith tells employees. He adds in his memo: “We will eliminate approximately 3,000 positions as we continue to reduce product and operational complexity across our company.” WSJ The cuts, equivalent to about 5 percent of Thomson Reuters’ workforce of about 60,000, were disclosed on the same day that the financial data and news firm reported a 38 percent drop in third-quarter earnings, due to weaker revenue. The Guardian The news and information company said most of the jobs would be lost from its financial and risk arm, which sells data terminals and other services to investment banks and brokers. The losses are on top of 1,000 cuts announced earlier this year. Including staff leaving and sales of businesses the company’s workforce will shrink by 5,500, or 9 percent, from the start of the year. The Globe & Mail “I think everybody in the world is trying to do more with less,” Smith said. “I don’t think the pressure on costs and keeping them under control is going to lessen. That said, what I hope is this strategy gives us a more predictable path in the future.”

New York Post Will Go to Trial Over Harassment, Wrongful Firing Lawsuit (HuffPost)
In a setback for the New York Post, a district judge on Tuesday dismissed an effort to dispatch a lawsuit from a former employee alleging that she was harassed while at the paper and unlawfully fired. The suit, brought by onetime Post editor Sandra Guzman, will now go to trial, Guzman’s lawyer told The Huffington Post. TheWrap In the decision, the judge wrote that Guzman accused the Post employees of sleeping with interns “while promising them jobs,” that Allan frequented strip clubs during the work day and showed off photos of male genitals he had stored on his BlackBerry, that there was “sexualized behavior at the Post office parties,” and that the newsroom was a hostile environment for Guzman as both a woman and a person of Hispanic descent. Guzman said she heard Allan refer to female editors as “old bitches” and that Broadway columnist Michael Riedel “regularly greeted Guzman by singing ‘I Want to Live in America’ from West Side Story with a Spanish accent” and once called her “Cha Cha No. 1.” Capital New York “We are pleased that the claims against News Corp. were thrown out,” a Post spokeswoman told Capital when we reached out for comment on the ruling. “We look forward to presenting the truth about the remaining charges — which are completely unfounded — to a jury.”

New York Times Struggles to Replace Print Ads With Digital Sales (Bloomberg)
The New York Times Co.’s advertising department is struggling to replace its once-lucrative print ads with digital sales, as Google Inc. and Facebook Inc. gobble up increasingly large chunks of marketers’ budgets. Both print and digital advertising at the newspaper decreased about 3 percent in the third quarter, the company said last month, signaling that the total amount fell below $140 million. That’s the lowest level since at least 1998, when the Times began reporting the ad revenue of its individual papers.

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CBS News in Talks With Distributors for 24-Hour Digital Video Service (BuzzFeed)
The news and interactive divisions of CBS have been quietly developing a digital video service that continually streams content 24 hours a day and leverages reporting from its existing news staff and content from the broadcaster’s archives onto new distribution platforms, according to two sources close to the situation. These sources said CBS is currently in talks with distribution companies to carry the service, though no deals have been signed and an official launch date is still several months away at the earliest. TVNewser CBS News president David Rhodes, a veteran of Fox News and Bloomberg, knows a thing or two about programming a newschannel. Buzzfeed’s Peter Lauria reports Rhodes is working alongside CBS Interactive chief Jim Lanzone “who is spearheading talks with distributors and whose Interactive unit runs the digital operations for CBS News from a sales, marketing, and technological perspective.”