汤森路透结盟四年 汤姆森家族走向台前

When Thomson Corp. negotiated its $17 billion deal for Reuters Group PLC, Thomson Chairman David Thomson stayed on the sidelines through 18 months of talks, speaking to Reuters top management only on the day plans for the deal were announced in 2007.

在汤姆森公司(Thomson Corp.)商定以170亿美元并购路透集团(Reuters Group PLC)时，汤姆森公司的董事长大卫·汤姆森(David Thomson)在历时18个月的谈判中一直处于旁观状态，只在2007年并购计划宣布的那一天向路透的最高管理层发表了讲话。

For the scion of Canada's wealthiest family, the hands-off approach, described by people close to the merger, was par for the course. The family's formula over the past two generations at the media empire founded by Mr. Thomson's grandfather was 'surround yourself with business people…and then let management manage,' says Ron Barbaro, a former director.

关于这位加拿大最富裕家族的继承人，他会采取这种被熟悉该并购交易的人描述为不加干涉的做法并不让人觉得意外。曾在汤姆森公司担任董事的罗恩·巴巴罗(Ron Barbaro)说，在由汤姆森的祖父缔造的这个传媒帝国中，该家族过去两代人的行事准则是“与商界人士为伍……放手让管理层管理。

Four years after it was completed, the tie-up with Reuters has disappointed investors, and Mr. Thomson, chairman of the combined company, is playing a more assertive role. Late last year, he presided over a wide-ranging management shake-up. And last week, he replaced the head of the family's holding company, which owns 55% of Thomson Reuters PLC.

在交易完成四年之后，与路透的结盟让投资者大失所望，担任合并后的公司董事长的汤姆森开始扮演更加积极的角色。去年年底，他主导了一次大规模的管理层改组计划。就在今年11月底，他还换掉了持有汤森路透55%股份的其家族控股公司的总裁。

That executive, Geoff Beattie, remains vice chairman at Thomson Reuters, where he will focus on improving its performance, according to people familiar with the matter. Some of these people said the move comes after months of tension between Messrs. Thomson and Beattie over the stock-market performance of Thomson Reuters, a merger Mr. Beattie had championed.

知情人士称，被换掉的杰奥夫·贝亚蒂耶(Geoff Beattie)仍将担任汤森路透的副董事长，其工作重心是改善公司的业绩。其中一些知情人士称，在此次调动发生的几个月前，汤姆森与贝亚蒂耶因汤森路透的股市表现而开始关系紧张。贝亚蒂耶是汤姆森公司与路透并购交易的支持者。

The move also signals a change in the way the family that controls one of the world's biggest media complexes manages its far-flung businesses.

此举也表明，这个控制着全球最大的传媒集团之一的家族在管理其分布广泛的业务的方式上发生了转变。

For half a century, the Thomsons were an acquisitive family, buying up assets in an array of sectors and just as often selling them, frequently at the top of the market. Today, that family deal-making is set to largely end, several people familiar with the matter say, as the Toronto-based family company, Woodbridge Co., is retooled to become a more traditional holding company with a focus on income rather than new acquisitions. That was among the motivations for moving Mr. Beattie, who is well-known as a deal-maker, these people said.

半个世纪来，汤姆森家族热衷于收购，购买了一大批行业的资产，同样也经常把它们卖掉，而且屡屡是在市场高点卖出。几名知情人士说，由于汤姆森家族总部位于多伦多的家族控股企业Woodbridge转型为以收益而非新收购交易为主的更加传统的控股企业，如今该家族的收购交易大体上势必也要结束。这些知情人士说，这也是导致以收购交易而知名的贝亚蒂耶被换掉的原因之一。

Family members and officials at Woodbridge, which holds a number of investments besides its Thomson Reuters stake, also have discussed the possibility of restructuring some of these other holdings, according to people familiar with the matter. This could involve, over time, either distributing shares in some of those other assets to family members or selling them and passing the proceeds on to the members, one of the people said. A spokesman representing Woodbridge, Mr. Thomson and Thomson Reuters declined to comment on this and most other aspects of this article.

除了汤森路透的股份之外，Woodbridge还持有许多投资项目。知情人士说，汤姆森家族的成员及Woodbridge的高管还讨论过对其中一些投资项目进行重组的可能性。其中一名知情人士称，久而久之，这可能涉及到将其中一些资产的股份分给家族成员或是将这些资产出售，然后将所得收益分给家族成员。一名代表Woodbridge、汤姆森本人及汤森路透公司的发言人拒绝就这件事及本文提到的其他大多数事件置评。

Last month, Woodbridge sold a parcel of downtown Toronto land, according to RioCan Real Estate Investment Trust, which said it and two other firms were the buyers. A RioCan executive said Woodbridge had been developing an adjacent plot but now is in talks to sell this as well.

RioCan房地产投资信托基金称，Woodbridge在11月份卖掉了多伦多市中心的一块地，买家为该基金及另外两家公司。RioCan的一位管理层人士称，Woodbridge此前一直在开发邻近的一块地，但现在也在谈判将其出售。

At Thomson Reuters, the family's representation will increase, because the new president and CEO of Woodbridge, David Binet, will become a director along with Mr. Beattie.

此外，汤姆森家族在汤森路透的比重也将加大，因为Woodbridge的新任总裁及首席执行长戴维·比奈(David Binet)将与贝亚蒂耶一同担任汤森路透的董事。

'We anticipate a continued collaboration with Geoff [Beattie] at Thomson Reuters, which is our largest investment and of fundamental importance to us,' Mr. Thomson said last week in announcing the move. He said the shuffle comes as the family holding company 'enters an important new era.'

汤姆森在不久前宣布这项举措时说：“我们期望与杰奥夫继续在汤森路透进行合作，汤森路透是我们最大的投资，对我们来说至关重要。他说，此次改组启动正值该家族的控股企业“迈入一个重要的新时期之时。

Mr. Thomson declined several interview requests made in recent months. Through a Thomson Reuters spokesman, he declined a request for further comment about the Woodbridge move. In brief emailed responses to questions earlier this year, Mr. Thomson said he was content with the Thomson Reuters tie-up.

汤姆森拒绝了记者最近几个月提出的数次采访请求，并通过汤森路透的一名发言人表示不愿就Woodbridge的举措进一步置评。在今年早些时候通过电子邮件做出的简短回复中，汤姆森表示他对汤姆森公司与路透的结盟感到满意。

The deal was designed to create a financial news and information powerhouse by combining two storied media groups. It would link Thomson's dominance in sectors such as investment banking and wealth management with Reuters's international footprint and strength in areas like foreign-exchange trading, equity sales and news. Yet the combination hasn't yet delivered all of the benefits envisioned.

这宗并购交易旨在通过合并两家赫赫有名的传媒集团来打造一个财经资讯与信息巨头。它有望将汤姆森公司在投资银行及财富管理等领域的优势地位与路透遍布全球的业务范围及其在外汇交易、股票销售和资讯等领域的强大实力结合起来。然而，它们的结合尚未带来当初所预想的所有那些效益。

One reason was that the deal closed in 2008 just months before the global financial and economic crisis sapped sales at one of combined firm's biggest divisions, its financial-products unit, which sells news, data and other tools to traders and other financial players. Meanwhile, it was facing increased pressure from competitors such as Bloomberg LP.

其中一个原因是，该交易于2008年完成，仅仅几个月后便爆发了全球金融与经济危机，使合并后的公司最大的业务部门──向交易员和其他金融行业从业者出售资讯、数据和其他工具的金融产品部的销售额──遭到重创。与此同时，彭博(Bloomberg LP)等竞争对手也对该公司造成了越来越大的压力。

Amid an uneven global recovery, the Thomson Reuters financial-products unit continues to perform fitfully, with sales slipping 2% in the first nine months of this year. Operating profit fell 18% in the period, based on the company's most recent earnings release.

在全球经济复苏不均衡的背景之下，汤森路透金融产品部门的业绩也不平稳，其在今年前九个月的销售额下滑了2%。据该公司的最新财报显示，金融产品部门在这一时期的营业利润下降了18%。

Companywide, Thomson Reuters's revenue slid 3% to $9.88 billion in the first nine months of this year, weakened by worse-than-expected downsizing at financial institutions across Europe. Thomson Reuters's stock is down around 20% since the acquisition was completed, versus a rise of about 4% for the S&P 500.

同时，受到整个欧洲金融机构的裁员情况糟于预期的影响，汤森路透整个公司的营收在今年前九个月也下滑3%至98.8亿美元。自并购交易完成以来，汤森路透的股价下跌了20%左右，而标准普尔500指数(S&P 500)上涨了约4%。

The Thomson family's fortune has felt the effect. Its stake in Thomson Reuters is now worth about $12.6 billion, down from around $16 billion. Ranked by Forbes in 2007 as the world's 10th-richest family, with assets valued at $22 billion, the Thomsons as of last March were No. 35 on the list with estimated assets of $17.5 billion.

汤姆森家族的财富也受到了影响。其所持汤森路透的股份的价值如今已从160亿美元左右降至126亿美元左右。其在2007年的《福布斯》(Forbes)家族财富排行榜中位列全球第十位，财产估值为220亿美元，而截止到3月份为止，该家族的财产估值为175亿美元，排名降至第35位。

Although the family's controlling stake insulates Thomson Reuters from most outside investor pressure, the stock has frustrated some shareholders, including Canadians who have been longtime investors. Directors 'have clearly dropped the ball, and shareholders have paid for it,' Ian Hardacre, a fund manager at Invesco Canada, IVZ -0.61% an arm of fund-management giant Invesco Ltd., said in an interview earlier this year. Invesco Canada is among the largest investors in Thomson Reuters.

虽然该家族持有汤森路透的控股股份，可使其免受来自外部投资者的大多压力，其股价还是让包括加拿大的长期投资者在内的一些股东感到失望。基金管理巨头景顺(Invesco Ltd.)旗下分公司Invesco Canada的基金经理伊恩·哈德阿克(Ian Hardacre)在今年早些时候的一次采访中说，董事们“显然犯了错，却由股东们为它买单。Invesco Canada为汤森路透的最大股东之一。

In his emailed replies earlier this year, Mr. Thomson said that 'The acquisition closed in 2008 and the global economy has been difficult since then. One of our key marketplaces is financial services and that has been particularly affected. The acquisition and integration was very complex and was well executed by management.'

汤姆森在今年早些时候通过电子邮件回复说：“收购在2008年完成，自那以后全球经济一直非常困难。我们的主要市场之一就是金融服务市场，而它受到了特别大的影响。这次收购和融合非常复杂，管理层执行得不错。

Asked whether some family members were dissatisfied, he said: 'We have confidence in the company and its long-term potential. All the family is very supportive of Thomson Reuters.'

在回答是否有些家族成员会感到不满时，汤姆森说：“我们对公司及其长期潜能有信心，所有家族成员都非常支持汤森路透。

The family empire traces to 1931, when Mr. Thomson's grandfather Roy, the son of a barber, launched it with the purchase of a Canadian radio station. Thomson holdings at various times included hairdressing salons, an airline, North Sea oil assets and a portfolio of newspapers stretching from Marion, Ohio, to Britain, where the company once owned the Times of London.

汤姆森家族帝国的历史可追溯至1931年，当时汤姆森的祖父罗伊(Roy)──一名理发匠的儿子──凭借在加拿大买下的一个电台开创了这个帝国。汤姆森家族在不同时期掌控的资产包括美发沙龙、一家航空公司、北海的石油资产以及遍布俄亥俄州马里昂市(Marion)至英国等地的一系列报刊，其中伦敦的《泰晤士报》(Times)一度是该家族旗下的资产。

The publicity-shy family has cast a long shadow, particularly in Canada, not only because of its size, wealth and philanthropy but also because of an astute business record. Under Roy Thomson's son Ken, it sold some of its largest holdings, including print newspapers, ahead of downturns in their sectors.

这个不喜公开露面的家族具有非常广泛的影响力，在加拿大的影响尤甚。这不仅是因为其拥有庞大的产业规模、财富及慈善事业，也因为其经营向来十分精明。罗伊的儿子肯(Ken)在掌舵时卖掉了部分规模最大的资产，其中包括报刊，恰好在报业开始衰退之前。

Though its Thomson Reuters stake is by far the family's biggest holding, contributing $600 million in dividends in 2011, it also owns such assets as a $3 billion investment in funds managed by private-equity firm General Atlantic LLC of Greenwich, Conn., 13.2% of U.S. hotels group Strategic Hotels & Resorts Inc. BEE 0.00% and 85% of Canada's Globe and Mail newspaper.

迄今为止，汤森路透依然是该家族最大的资产，在2011年贡献了六亿美元股息。该家族还在康涅狄格州格林威治(Greenwich)的私募股权公司泛大西洋投资集团(General Atlantic LLC)管理的基金中有30亿美元投资，持有美国酒店集团Strategic Hotels & Resorts公司13.2%的股份，并且掌控加拿大《环球邮报》(Globe and Mail) 85%的股份。

Mr. Thomson shares ownership of Woodbridge with his brother, Peter, a prizewinning rally driver, their sister, Taylor, and four cousins. Peter is a Thomson Reuters board member, but Taylor has no formal role at Thomson Reuters. The extended family has fanned out across Canada, with different branches pursuing different businesses. That dispersal was a motivation for changing Woodbridge, according to people familiar with the matter.

汤姆森与他的弟弟彼得(Peter，一名屡屡获奖的拉力赛车手)、他们的妹妹泰勒(Taylor)以及四个堂兄弟姐妹共享Woodbridge的所有权。彼得是汤森路透的董事会成员，但泰勒在该公司没有正式职位。这个大家庭的足迹遍布整个加拿大，拥有收购不同公司的不同分支。知情人士称，这种分散的状态是改革Woodbridge的一个动因。

At a May meeting, the family discussed hiring someone to write a family newsletter that would inform the disparate clan of their investments' performance, according to a person familiar with the plan. It isn't clear whether the newsletter got off the ground.

一位知情人士透露，该家族曾在5月份的一次会议上讨论雇人撰写家族通讯，向这些分散的家族后人通报他们的投资的业绩。这份通讯是否已启动尚不清楚。

Mr. Beattie, while at the helm of the family holding company, was the point man in a tight circle of advisers that acted as a conduit between the generally private family members, their investments and the bankers and lawyers who pitched new deals. As a proponent of the Reuters deal, he took an active role in negotiations with Reuters executives.

掌管汤姆森家族控股企业的贝亚蒂耶也是一小圈顾问中的前哨人物，他们充当着在该家族普遍行事低调隐秘的成员、他们的投资项目、银行家以及推销新交易的律师之间进行沟通的角色。作为并购路透交易的支持者，贝亚蒂耶在与路透高管的谈判中起了积极作用。

Shortly after the deal's completion, some Thomson executives began to resent what they saw as a 'reverse takeover,' say people familiar with the matter. Reuters's chief at the time, Tom Glocer, became CEO of the combined company. He tapped a Reuters lieutenant to head the division that included financial information.

知情人士称，在交易完成后不久，汤姆森公司的部分高管认为它简直成了路透的“反向收购并对此感到愤愤不平。路透当时的首席执行长汤姆·格罗瑟(Tom Glocer)成为了合并后的公司的首席执行长，他还任命路透的一名副手主管包括金融信息业务在内的部门。

There were cultural mismatches. At one point, professional-division head James Smith, from the Thomson side, delivered a no-frills, fact-laden presentation on the latest iteration of a desktop product for legal professionals. Among Reuters executives accustomed to flashier presentations, 'there was a lot of snickering' about how dry it was, said one person present. Through a Thomson Reuters spokesman, Mr. Smith declined to comment.

此外，两家公司在企业文化上也有分歧。有一次，来自汤姆森公司一方的专业部的主管詹姆斯·史密斯(James Smith)就针对一款面向法律专业人士的桌面产品的最新版做了一次平淡简朴、以事实为重的介绍。然而，路透这边的高管习惯更加炫目的介绍，一位当时在场的人称，“很多人窃笑这次介绍太枯燥无味了。史密斯通过汤森路透的一位发言人表示不愿就此事置评。

An executive from the Reuters side presented on 'Project Utah,' a desktop product for traders that had yet to launch but for which a rollout was already envisaged that would include outdoor displays, live events and sponsorship of a 'South Pole Expedition.'

来自路透一方的高管就一款针对交易员的桌面产品──Project Utah──做了介绍，当时这款产品尚未发布，但其推介活动已经想好，包括户外宣传、举办现场活动和赞助一次“南极探险活动。

Project Utah morphed into Eikon, a kind of all-in-one desktop system aimed at competing with Bloomberg's news, data and analysis terminals.

Project Utah后发展为Eikon，一款旨在与彭博的资讯、数据和分析终端竞争的多功能一体化的桌面产品。

Both Thomson Reuters and Bloomberg compete with News Corp NWSA -0.10% .'s Dow Jones & Co., publisher of The Wall Street Journal and Dow Jones Newswires.

汤森路透和彭博均是《华尔街日报》(The Wall Street Journal)和道琼斯通讯社(Dow Jones Newswires)的发行商──资讯集团(News Corp)旗下道琼斯公司(Dow Jones & Co.)──的竞争对手。

Making Thomson's and Reuters's databases and delivery networks 'talk to each other' proved an 'incredibly complex' undertaking, said Douglas B. Taylor, a former Thomson executive and founder of Burton-Taylor Consulting. Launched in the fall of 2010, Eikon had a slow start, amassing just 8,000 customers in its first year. The number has since jumped to 25,600.

曾在汤姆森公司担任高管，后创立Burton-Taylor Consulting公司的道格拉斯·泰勒(Douglas B. Taylor)说，事实证明使汤姆森公司与路透的数据库和传送网络互通是一项“极其复杂的工作。后来，Eikon在2010年秋发布，但开局不顺，在上市头一年只招揽了8,000名客户，其用户数自那以后已增至25,600人。

Bloomberg last year overtook Thomson Reuters in share of the market for financial data, and Bloomberg increasingly is competing on other fronts. It rolled out Bloomberg Law, a research tool for lawyers that puts it in direct competition with Thomson Reuters's dominant Westlaw legal service.

彭博在金融数据市场的份额在去年超过了汤森路透，而且也在其他领域逐渐加大竞争。例如，它发布了一款针对律师的研究工具──Bloomberg Law，从而开始与汤森路透占据主导地位的法律信息平台──万律(Westlaw)──直接展开竞争。

Mr. Thomson initially gave Thomson Reuters executives free rein, in the family's customary hands-off style. A collector of photographs, he sometimes called editors at Reuters's photographic-agency business to talk about pictures, yet rarely reached out to top executives, these people said.

汤姆森最初秉承该家族一贯来不加干预的管理风格，放手让汤森路透的高管自由发挥。那些知情人士说，汤姆森爱好收藏照片，他有时候会打电话给路透摄影部门的编辑讨论图片，但极少主动联系公司的高管。

Through the struggles to perfect the Eikon product, he had little contact with the CEO, Mr. Glocer, other than at board meetings, people familiar with the matter said. Big investors also say Mr. Thomson rarely reaches out to them. But at the annual meeting in May, he lingered to chat with small investors over sandwiches after most other directors had left.

知情人士称，在努力完善Eikon这款产品的过程中，除了在董事会会议上，他与时任首席执行长的格罗瑟很少接触。大股东也说汤姆森极少主动联系他们。不过，在今年5月份的年会上，他在其他大多数董事离开后留了下来，与小股东边吃三明治边聊天。

Mr. Thomson is regarded by friends and in the close-knit Toronto business community as private almost to the point of reclusive, and a bit eccentric. He sometimes arrives at business meetings in jogging gear or cargo pants, or wears sneakers with his suit. He spends large sums on art, but, like his father, Ken, shows frugality elsewhere. He will get years' worth of wear from shoes and suits, said one person.

汤姆森被朋友们和多伦多关系紧密的商界认为行事隐秘，几乎到了与世隔绝的地步，而且还有些古怪。他有时候会穿着跑步的运动服装或工装裤参加商务会议，或者是穿运动鞋配西服。他在艺术品上花费重金，但是和他的父亲肯一样，在其他事情上则显得非常节俭。一名知情人士称，他的鞋子和衣服要穿好几年时间。

When David Thomson was still young, his grandfather, Roy, lined him up to someday take over the family business, stating this responsibility in the patriarch's autobiography. Some who know David Thomson describe him as a reluctant heir. He 'felt the weight, or the responsibility, that he would step into those shoes,' said Jeff Laidlaw, who knew him through school and his early 20s.

在大卫·汤姆森尚且年幼时，其祖父罗伊就已安排他在日后接管家族生意，这个重任在这位家族元老的自传中已经指明。一些认识汤姆森的人称他并不情愿继承家业。在汤姆森上学时期到20岁出头时都与他很熟识的杰夫·莱德洛(Jeff Laidlaw)说，他“感觉到了承担那些职责的重担或责任。

As Thomson Reuters struggled to reap the full promise of its merger, however, Mr. Thomson began to pressure Mr. Beattie at the family holding company for a turnaround, according people familiar with the situation. Mr. Beattie then ratcheted up pressure on Mr. Glocer, the CEO at the time, according to these people.

知情人士称，在汤森路透努力将合并的前景充分实现之际，汤姆森开始向贝亚蒂耶施压要求进行改革，而贝亚蒂耶则向时任首席执行长的格罗瑟加压。

In July 2011, Mr. Glocer forced out the head of the financial-information unit. Soon, Mr. Glocer himself stepped down, succeeded by Thomson Corp. veteran Mr. Smith, the executive whose presentation at an early meeting had struck some from the Reuters side as colorless.

2011年7月，格罗瑟迫使金融信息部门的主管离职，而他本人也在不久后下台，由汤姆森公司的元老史密斯接任，也就是那位在合并初期会议上的介绍被部分路透人士认为单调无趣的高管。

Despite Mr. Thomson's evident preference for taking the back seat in management, he has a huge desire to do well at the business started by a grandfather of whom he often talks admiringly, according to friends. 'He's deeply competitive,' said Wesley Wark, a friend who first met Mr. Thomson at Cambridge University in 1975. 'He doesn't relish if the company is not doing well, he doesn't relish having his performance outperformed.'

尽管汤姆森显然更喜欢在管理中退居次位，但他强烈希望能把祖父开创的这项事业做好。据其朋友们说，他常常带着敬佩之情谈论他的祖父。于1975年在剑桥大学(Cambridge University)初次结识汤姆森的韦斯利·沃克(Wesley Wark)说：“他好胜心极强，如果公司经营得不好，他会不高兴，如果他的表现被别人超越也会不高兴。