Thomson Reuters and KKR Announce Joint Venture for Thomson Reuters Global Print Business

Rhea-AI Summary

Thomson Reuters announced a definitive agreement to form a joint venture with KKR for the Thomson Reuters Global Print business. Capital accounts advised by KKR will acquire a 51% stake, while Thomson Reuters retains 49%. Thomson Reuters expects to receive approximately $500 million in gross proceeds at closing.

Thomson Reuters will keep all intellectual property rights and full editorial control over its content portfolio. The new joint venture will receive an exclusive license to distribute this content in print and via the ProView eBook platform. Closing is targeted for the fourth quarter of 2026, subject to regulatory approvals and customary conditions, and is not subject to financing conditions. Thomson Reuters has also agreed to provide certain financial support intended to give KKR a minimum return on its equity investment in specified circumstances.

Positive

• $500 million expected gross proceeds to Thomson Reuters at closing
• KKR acquires 51% stake in Global Print joint venture
• Thomson Reuters retains 49% equity plus IP and editorial control
• Exclusive content license to JV for print and ProView distribution
• Transaction not subject to financing conditions, reducing execution risk

Negative

• Closing subject to regulatory approvals and customary conditions, targeted Q4 2026
• Thomson Reuters to provide financial support to give KKR a minimum return in certain circumstances

News Market Reaction – TRI

-2.70%

12 alerts

-2.70% Session close to close

+9.5% Peak in 25 hr 12 min

$41.16B Market Cap

0.2x Rel. Volume

In the Jul 14 session, TRI declined 2.70%, reflecting a moderate negative market reaction. Argus tracked a peak move of +9.5% during that session. Our momentum scanner triggered 12 alerts that day, indicating notable trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

Set against recent TRI news that has produced mixed one-day moves and a moderate short-interest prof...

Analysis

Set against recent TRI news that has produced mixed one-day moves and a moderate short-interest profile, this Global Print joint venture mainly reshapes the business mix. Investors may watch how the financial support obligation and Q4 2026 closing risk interact with that positioning.

Key Figures

Stake sold: 51% Retained stake: 49% Gross proceeds: $500 million +1 more

4 metrics

Stake sold 51% Equity stake in Global Print business sold to KKR-advised accounts

Retained stake 49% Equity interest Thomson Reuters will hold in the new joint venture

Gross proceeds $500 million Cash consideration expected at closing of Global Print joint venture

Expected closing period fourth quarter 2026 Targeted closing timeframe for the joint venture transaction

Historical Context

5 past events · Latest: Jul 8 (Neutral)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jul 8	Earnings scheduling	Neutral	-2.1%	Announcement of date and webcast details for second-quarter 2026 earnings release.
Jun 22	AI industry report	Neutral	-2.6%	Release of Future of Professionals report highlighting AI adoption gaps and client risks.
Jun 11	Annual meeting results	Neutral	-2.1%	Shareholders elected all 14 directors and approved auditor and say-on-pay resolutions.
May 27	AI standards launch	Neutral	-1.9%	Introduction of Fiduciary-Grade AI standard for high-stakes professional use cases.
May 18	Conference presentation	Neutral	+8.8%	Planned presentation at CIBC Technology & Innovation Conference with webcast access.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent TRI news events have produced both positive and negative single-day moves, without a consistent directional pattern.

Key Terms

joint venture, intellectual property rights, regulatory approvals, equity interest

4 terms

joint venture financial

"it has signed a definitive agreement to enter into a joint venture with KKR"

A joint venture is when two or more companies team up to work on a specific project or business idea, sharing both the risks and the rewards. It’s like friends starting a lemonade stand together—each contributes resources and they split the profits, making it easier to succeed than going alone.

intellectual property rights technical

"Thomson Reuters will also maintain intellectual property rights and full editorial control"

Legal protections that give a company exclusive control over creations like inventions, brand names, designs, formulas, software and creative works, similar to owning the lock and key to a recipe or product design. For investors, these rights matter because they can create durable revenue streams, reduce competition and justify higher company value, while weak or contested rights increase the risk of lost sales and costly legal disputes.

regulatory approvals regulatory

"Closing of the transaction is subject to specified regulatory approvals and customary"

Regulatory approvals are official permissions from government agencies that a company needs before launching a new product, service, or business activity. They matter because without this approval, the company might not be allowed to operate legally or sell its products, similar to how a driver needs a license to legally drive a car.

equity interest financial

"and will retain a 49% equity interest in the joint venture"

An equity interest is an ownership stake in a company that gives the holder a share of its assets, profits and sometimes voting power—think of owning a slice of a pie that grows or shrinks with the business. Investors care because the size and type of that stake determine how much they benefit from future gains, bear losses, receive dividends, or influence decisions, and it directly affects the value and risk of their investment.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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TORONTO and NEW YORK, July 14, 2026 /PRNewswire/ -- Thomson Reuters Corporation (TSX/Nasdaq: TRI) today announced that it has signed a definitive agreement to enter into a joint venture with KKR, a leading global investment firm. As part of the transaction, Thomson Reuters will sell a 51% stake in its Global Print business to capital accounts advised by KKR. Thomson Reuters will receive approximately $500 million in gross proceeds at closing and will retain a 49% equity interest in the joint venture. Thomson Reuters will also maintain intellectual property rights and full editorial control over its content portfolio. This new joint venture will hold an exclusive license to distribute the content in print and on ProView, Global Print's eBook platform.

The Thomson Reuters Global Print business provides legal and tax information in print format and via ProView to customers around the world and provides commercial printing services to a wide range of book publishers.

"Thomson Reuters has built a highly regarded, trusted print platform that has become the gold standard for printed reference materials," said KKR Partner Brian Dillard, Co-Chief Investment Officer for Global Atlantic. "Building on KKR's experience with helping global corporations unlock value in their businesses, we see a compelling opportunity both to support the Global Print business as a standalone proposition and to help Thomson Reuters optimize its portfolio of businesses."

"The Global Print business has a long and respected history of serving legal and tax professionals with trusted printed reference materials," said Steve Hasker, President and CEO of Thomson Reuters. "We believe this transaction with KKR provides our Global Print business with the focused investment, operational capabilities, and independence to thrive as a standalone business, while ensuring that Thomson Reuters printed content continues to reach the professionals who depend on it. At the same time, it sharpens Thomson Reuters focus on providing innovative fiduciary-grade AI solutions for the legal, tax, audit and compliance industries."

Closing of the transaction is subject to specified regulatory approvals and customary closing conditions. The transaction is not subject to any financing conditions. As part of the transaction, Thomson Reuters has agreed to provide certain financial support designed to give KKR a minimum return on its equity investment in the joint venture under certain circumstances. Thomson Reuters expects the transaction to close in the fourth quarter of 2026.

Centerview Partners LLC is serving as financial advisor to Thomson Reuters.

About Thomson Reuters Global Print Business 
Thomson Reuters Global Print business is a leading provider of information, primarily in print format and via ProView to legal and tax professionals, governments, law schools, and corporations. Global Print also leverages its capabilities through offering commercial printing services to a wide range of book publishers including those in trade, government, associations, faith-based organizations, universities and children's books. The business serves customers primarily in the United States, Canada and the United Kingdom.

About Thomson Reuters
Thomson Reuters (TSX/Nasdaq: TRI) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, audit, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth and transparency. Reuters, part of Thomson Reuters, is a world leading provider of trusted journalism and news. For more information, visit thomsonreuters.com.

About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR's insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR's investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR's website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group's website at www.globalatlantic.com.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this news release are forward-looking, including Steve Hasker's remarks, and Thomson Reuters current expectations regarding the timing for closing of the transaction. The words "will", "expect", "believe" and similar expressions identify forward-looking statements. These forward-looking statements are based on certain assumptions and reflect our company's current expectations. While Thomson Reuters believes that it has a reasonable basis for making forward-looking statements in this news release, they are not a guarantee of future performance or outcomes and there is no assurance that any of the other events described in any forward-looking statement will materialize.

Forward-looking statements are subject to a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from current expectations, including the parties' ability to receive regulatory approvals and satisfy conditions to closing as well as other factors discussed in materials that Thomson Reuters from time to time files with, or furnishes to, the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission. Many of these risks, uncertainties and assumptions are beyond Thomson Reuters control and the effects of them can be difficult to predict. You are cautioned not to place undue reliance on forward-looking statements which reflect expectations only as of the date of this news release. Except as may be required by applicable law, Thomson Reuters disclaims any obligation to update or revise any forward-looking statements.

CONTACTS

MEDIA
KKR
Kenny Juarez
media@kkr.com

Thomson Reuters
Kat Hanley
Corporate Communications
 kathryn.hanley@thomsonreuters.com

INVESTORS
Thomson Reuters
Gary E. Bisbee, CFA
Head of Investor Relations
gary.bisbee@thomsonreuters.com

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SOURCE Thomson Reuters

FAQ

What are the key terms of the Thomson Reuters and KKR joint venture for the Global Print business (NYSE: KKR)?

The joint venture gives KKR-advised accounts a 51% stake in Thomson Reuters Global Print, with Thomson Reuters retaining 49%. According to Thomson Reuters, the JV gets an exclusive license to distribute content in print and via the ProView eBook platform.

How much cash will Thomson Reuters receive from the Global Print joint venture with KKR (KKR)?

Thomson Reuters expects about $500 million in gross proceeds at closing from selling 51% of Global Print. According to Thomson Reuters, it will also keep a 49% equity interest and maintain all intellectual property rights and editorial control over its content.

When is the Thomson Reuters–KKR Global Print joint venture expected to close (KKR)?

Thomson Reuters expects the transaction with KKR to close in the fourth quarter of 2026. According to Thomson Reuters, closing depends on specified regulatory approvals and customary closing conditions but is not subject to any financing conditions for the parties involved.

What rights does Thomson Reuters retain in the Global Print joint venture with KKR (KKR)?

Thomson Reuters will retain a 49% equity stake, all intellectual property rights, and full editorial control. According to Thomson Reuters, the joint venture only receives an exclusive license to distribute this content in print and on its ProView eBook platform worldwide.

How does Thomson Reuters plan to support KKR’s investment return in the Global Print joint venture (KKR)?

Thomson Reuters has agreed to provide certain financial support aimed at giving KKR a minimum return on its equity investment in some circumstances. According to Thomson Reuters, these support obligations are part of the transaction structure alongside its retained 49% stake.

What business does the Thomson Reuters Global Print and ProView joint venture with KKR cover (KKR)?

The joint venture covers Thomson Reuters Global Print, which provides legal and tax information in print and via ProView, plus commercial printing services. According to Thomson Reuters, the business serves professionals and book publishers around the world with printed reference materials.