Reuters names Paul Bascobert as CEO of Blue Ocean

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Reuters names Paul Bascobert as CEO of Blue Ocean

Bascobert, 58, is a former CEO of the U.S. print giant Gannett Co Inc., which owns USA Today. Bascobert was the CEO of media and ad tech-focused Blue Ocean Acquisition Corp, a Special Purpose Acquisition Company SPAC, which raised nearly $190 million in an initial public offering in December.

He succeeds Michael Friedenberg, who left the company in December after a three-year stint that included appointing Alessandra Galloni as the first woman editor-in-chief of Reuters News, relaunching reuters.com and moving the company into the events business.

After a nine-month search, Bascobert joins Reuters News as business rebounded from the Pandemic and gets a boost from the return of live events. The unit earns half of its revenue by supplying news to Refinitiv, a data company spun off of Thomson Reuters, now owned by the London Stock Exchange Group PLC, and has double-digit adjusted profit increases or more in recent quarters.

Paul combines a strong understanding of financial markets with a belief in independent journalism and extensive experience as an operating executive, adviser and entrepreneur with an impressive track record of transformation and growth in media and SaaS software as a service business, according to Thomson Reuters CEO Steve Hasker on Tuesday.

The planned launch was delayed in May 2021 due to a dispute over whether or not the plans would breach a news supply agreement between the two companies.

Bascobert said in a statement that they would continue to grow the reach and impact of our fantastic journalism while continuing to serve our customers LSEG Refinitiv, our news agency clients and professionals.

Bascobert has previously held positions in leading media organizations and the Blue Ocean, including stints at tech firms including the XO Group, a content and tools company for wedding and family planners. Bascobert will step down as CEO of Blue Ocean but will remain on the board, as a media and healthcare strategy and analytics firm, Vertex Partners, which was merged with Braun Technology Group in the late 1990s.

Bascobert will be based in New York and report to Hasker. Matthew Keen, Reuters finance chief, will continue as interim president until Bascobert starts on Sept. 19.

Paul is a seasoned leader with deep media experience. Galloni said he was delighted to welcome him to Reuters and look forward to working with him to uphold Reuters as the most trusted and influential news organization in the world.