Thomson Reuters in Talks With AI Providers Over Licensing Deals

Benoit Berthelot, Bloomberg News

PARIS, FRANCE - MAY 05: The corporate logo of Thomson Reuters is seen on May 5, 2014 in Paris, France. (Photo by Pascal Le Segretain/Getty Images) Photographer: Pascal Le Segretain/Getty Images , Photographer: Pascal Le Segretain/Getty Images

(Bloomberg) -- Thomson Reuters Corp. is in talks with generative AI providers to license the news and data organization’s content and could strike a deal similar to Axel Springer SE’s agreement with OpenAI.

“We’ve been in discussions with a number of those providers,” Chief Executive Officer Steve Hasker said in an interview with Bloomberg on Monday, declining to specify who he’s speaking to. “Reuters has had a very open-minded stance in terms of licensing our content to the leading large language model providers. We will have more on that this year.”

Read More: OpenAI in Talks With Dozens of Publishers to License Content

The company has made AI innovation a key focus and has found that some of the biggest demand is around the Toronto-based business’s legal products, Hasker said. Thomson Reuters said in November that it would invest an additional $100 million per year on generative AI and added AI features to its Westlaw Precision legal research product.

Separately on Monday, Thomson Reuters said it acquired a 54% stake in Swedish business software and service provider Pagero Group, and increased its offer above that of rival bidder Avalara.

“It really validates that Thomson Reuters is the best home for Pagero and supports our shared vision to provide corporate customers with automated, secure and compliant tax solutions on a global basis,” Hasker said.

Read More: Thomson Reuters Buys 54% Stake in Pagero; Hikes Offer Price

Bloomberg LP, the parent of Bloomberg News, competes with Reuters as a provider of financial news and services.

(Updates with details on Pagero bid from fourth paragraph)