Reuters switching off TV channel

Nick Goodway12 April 2012

CHANCELLOR Gordon Brown's appearance on Reuters Financial Television today will be one of his last as the specialist news service turns off its screens next May with significant job losses among its 100-strong staff.

A Reuters spokesman confirmed the closure, blaming 'costly satellite distribution methods and small audience numbers running into some tens of thousands'. He added that about 45 staff had already been told they would lose their jobs but the remaining 55 would work until the station closed in May.

The decision does not affect Reuters Television News, the former Visnews, which films and collects TV news for other broadcasters.

RFTV is watched by City traders and analysts on their trading and research screens. As well as interviews and coverage of key speeches, it is commonly used to monitor the release of live economic data which can rapidly shift markets.

The closure leaves the market wide open to Reuters' arch-rival Bloomberg. Unlike Reuters Financial TV, Bloomberg Television sells advertising and can be received on cable and online as well as through dedicated terminals.

Reuters said the financial television job cuts would come around the world. The decision to axe RFTV is part of Reuters' 1,600 global cuts in an effort to reduce costs.

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