Thomson Reuters Sells 51% of Print Business, Retains 20% Royalty on Professional Revenue

Key Facts

Thomson Reuters closed the sale of a 51% stake in its global print business to funds advised by KKR on October 1, 2026, and the two parties established a joint venture called Westbridge Print. Under the agreement, Thomson Reuters retains its intellectual property rights and licenses them to the joint venture, which continues to operate the business. The company said the deal sharpens its focus on specialized AI solutions for the legal, tax, audit and compliance sectors. Westbridge pays a royalty for use of the content in print distribution and the ProView e-book platform. Thomson Reuters said the deal will have a roughly neutral effect on adjusted earnings before interest, taxes, depreciation and amortization margin, while supporting annual organic revenue growth by 60 to 70 basis points.

The royalty is 20% of Westbridge’s professional revenue, which represents about 85% to 90% of the joint venture’s total revenue. The exclusive license covers print distribution of the intellectual property and its availability through the ProView e-book platform, according to supplemental financial information Thomson Reuters published after closing the deal. The company also entered into a transition services agreement and said royalty and transition services revenue will largely offset stranded costs related to the separation, starting with fourth-quarter results. These arrangements separate ownership of the content from operation of the print business, while Westbridge continues to provide services to customers and publishers. Thomson Reuters said the restructuring allows it to focus on AI solutions for the professional industries it serves.

Westbridge serves legal and tax professionals in 13 countries and provides commercial printing services to book publishers. The print segment generated $490 million in revenue in 2025, compared with $519 million in 2024, a 6% year-over-year decline. In 2025, the segment recorded adjusted earnings before interest, taxes, depreciation and amortization of $185 million, with an adjusted margin of 37.7%. In the second quarter of 2026, the segment’s revenue fell 3% organically, while the company’s organic revenue grew 8% and its three largest professional segments posted growth of 10%. The figures highlight the print segment’s different trajectory from growth in the company’s core professional businesses.

After classifying the print business as discontinued operations beginning in the third quarter of 2026, Thomson Reuters will recast prior periods and has already published adjusted financial information excluding the business. On the new reporting basis, third-quarter guidance is now for about 9% organic revenue growth and a 35% adjusted earnings before interest, taxes, depreciation and amortization margin. Previous guidance, which included the print segment, indicated about 8% organic growth and an adjusted margin of about 36%. The adjusted figures therefore reflect a change in the scope of the business included in reported results and guidance, as well as the deal’s effect on the revenue model. Classifying the segment as discontinued operations does not mean it has ceased operating; the joint venture continues to run it.

Thomson Reuters reported in its second-quarter results that total revenue rose 9% and organic revenue grew 8%, and raised its 2026 organic revenue growth outlook to about 8%. In that quarter, recurring revenue grew 9% and transaction revenue rose 11%, while print segment revenue fell 3%. The comparison provides context for recasting results after removing the segment from continuing operations and explains the difference between third-quarter guidance and the prior outlook. The company said it will issue revised 2026 guidance when it reports third-quarter results. It scheduled the announcement for November 3, 2026, with the chief executive and chief financial officer to host a conference call and webcast at 8:30 a.m. Eastern Time.

Thomson Reuters shares closed at $123.17 on October 23, 2026, according to L7 data. The closing price followed the company’s release of supplemental financial details about the deal and the recast results, as markets await updated full-year guidance alongside third-quarter results. The available data in this context does not include a session high or low, so the stock’s move here is described only by its closing price. The November 3 date remains the next milestone when the company will present quarterly results and an update to its annual outlook. Those results will show how excluding the print segment affects period comparisons and the new guidance.