News Broadcasting
Reuters CEO reaps bonanza; employees face benefit cuts: Guild
MUMBAI: The hefty cash bonus that the revenue-losing media outlet Reuters lavished on CEO Tom Glocer last year is greater than the value of cuts in health care and retirement benefits it wants from its unionised US employees. This statement was put out by the Newspaper Guild of New York.
The London-based global news and information company’s recently issued annual report shows that Glocer received a cash bonus of $2.3 million last year. This marked a 52 per cent rise in his 2003 bonus. The company’s main US operating subsidiary, Reuters America is seeking some $1.6 million in concessions from Guild-represented employees in the form of a pay-more-for-less health care plan and reduced company pension
contributions, the Guild said. The company already has imposed similar cuts on nonunion employees.
The Guild goes on to note that despite presiding over a three-year slide in company revenues, Glocer collected more than $10.5 million last year, including nearly $4.5 million in cash, up 22 per cent from 2003, and stock and options tied to company performance targets that are now worth more than $6 million. Two other Reuters top executives, David Grigson and Devin Wenig got cash compensation raises of 11 per cent and 12.6 per cent, respectively.
Glocer’s response to the company’s hardships has been to sell assets, cut worker compensation and eliminate at least 3,000 jobs over three years. New York Guild President Barry Lipton says, “Glocer’s quick-fix tactics may have boosted the company’s stock and made him richer but he’s dead wrong if he expects it to lead to sustainable growth. Reuters is a service company whose success depends on the initiative of its employees. You can’t
give them less and still expect the same quantity and quality of work.”
Shareholders will now have a chance to vote to approve or disapprove Reuters’executive compensation policy at the company’s annual shareholders meeting on 21 April. Guild members, without a contract for two years, voted 301-4 last month to authorise union leaders to call a strike, if necessary.
News Broadcasting
BBC to cut up to 2,000 jobs in biggest overhaul in 15 years
Cost pressures and leadership change drive major workforce reduction plan
LONDON: BBC has unveiled plans to cut up to 2,000 jobs, roughly 10 per cent of its global workforce, in what marks its biggest downsizing in 15 years.
The announcement was made during an all-staff meeting led by interim director-general Rhodri Talfan Davies, as the broadcaster moves to tackle mounting financial pressures and reshape its operations.
Between 1,800 and 2,000 roles are expected to be eliminated from a workforce of around 21,500. The cuts form part of a broader plan to save £500 million over the next two years, aimed at offsetting rising costs, stagnating licence fee income and weaker commercial revenues.
In a communication to staff, BBC interim director-general Rhodri Talfan Davies said, “I know this creates real uncertainty, but we wanted to be open about the challenge,” acknowledging the impact the move would have across the organisation.
The restructuring comes at a time of leadership transition. Former director-general Tim Davie stepped down earlier this month, with Matt Brittin, a former Google executive, set to take over the role on May 18, 2026.
While some cost-cutting measures are being implemented immediately, the majority of the structural changes are expected to roll out over the next few years, with full savings targeted by the 2027–2028 financial year.
The broadcaster had earlier signalled its intent to reduce its cost base by around 10 per cent over a three-year period, warning of “difficult choices” as it adapts to shifting economic realities and audience expectations.
With operating costs hovering around £6 billion annually, the BBC’s latest move underscores the scale of the financial challenge it faces, as it balances public service commitments with the need for long-term sustainability in an increasingly competitive media landscape.
