Media expansion in Canada is rare, so the plans unveiled by Thomson Reuters to create 400 jobs over the next two years should be seen as a positive step.
Similarly, the decision by the global information and media company to relocate its most senior executives from its US base to Toronto will be welcomed in Canada.
According to the Wall Street Journal, Thomson Reuters chief executive Jim Smith and chief financial officer Stephane Bello will leave Stamford, Connecticut, next year.
Smith said of the company’s return to its heartland: “Canada is not only our home, it is home to an emerging ecosystem of world-class technology talent.”
He and Bello will move into a new technology hub in Toronto, which was announced as part of the company’s expansion plans. It is expected to create 1,500 jobs over time, starting with the 400 in the next two years. Initial recruitment, reports the Canadian Press, is expected to begin in the coming weeks.
When making the announcement, company executives were joined by Canada’s prime minister, Justin Trudeau. He said the company did not receive any tax incentives to expand in the country, but his government did help in relocating the executives.
He said: “This was about smoothing the red tape process and we are happy to do that for Thomson Reuters...[and] others.”
Thomson Reuters, which has about 52,000 employees around the world, originated in Canada and the Thomson family, through its private holdings, continues to be majority owner of Canada’s leading newspaper, the Globe and Mail. However, the publicly traded company no longer owns newspapers.
