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TH

Thomson Reuters Global Print Business

Print Media/Publishing
PE-OWNED

PE-OWNED

Acquired by KKR

View PE Firm Profile

What PE Will Likely Do

Print subscription prices will increase 15-30% within 18 months while content updates become less frequent

HIGH LIKELIHOODBased on: KKR's 3% bankruptcy rate across 107 tracked acquisitions indicates moderate risk, though this includes all industries—not specifically print/publishing

Physical print editions of Westlaw reporters and Thomson Reuters tax guides will see reduced publication frequency (weekly to bi-weekly, or annual editions skipping years)

HIGH LIKELIHOODBased on: KKR's known tactics include cost cutting, price increases, service reduction, and debt loading, all directly applicable to a legacy print business with declining but cash-generating operations

Paper stock quality will degrade—thinner paper, smaller font sizes, narrower margins to reduce printing costs

HIGH LIKELIHOODBased on: KKR's consumer impact score of 0.13 (on -1 to 1 scale) suggests mildly negative consumer outcomes historically

Customer service for print subscribers will be outsourced or reduced to email-only support with 48-72 hour response times

HIGH LIKELIHOODBased on: Industry patterns suggest debt loading at 95% frequency and dividend recapitalization at 70% frequency—highly likely for a stable cash-flow business like print subscriptions

Back-issue archive maintenance will be discontinued; older print volumes will become unavailable for replacement

HIGH LIKELIHOODBased on: Print publishing is a declining industry with captive professional customers (lawyers, accountants, tax professionals) who face high switching costs, making aggressive pricing and cost-cutting feasible without immediate customer loss

Expected Timeline

0-6 monthsCompleted

“0 to 6 months months”

KKR announces 'digital transformation' initiative while maintaining 'commitment to print customers'; early price increases of 8-12% on renewal subscriptions; voluntary buyouts offered to senior editorial staff

6-12 monthsYOU ARE HERE

“6 to 12 months months”

First consolidation of print titles—smaller practice-area reporters discontinued or merged; customer service phone lines reduced to limited hours; paper specification changes implemented without announcement

12-24 months

“12 to 24 months months”

Major price increases (20%+) on remaining print products; frequency reductions announced as 'responding to customer preferences'; delivery delays become routine; quality complaints increase significantly

24-48 months

“24 to 48 months months”

Print business positioned for sale or spin-off; further title eliminations; KKR explores dividend recapitalization backed by remaining print cash flows; bankruptcy rumors emerge if debt service becomes unsustainable

What You Can Do

Actions

  • Lock in multi-year print subscriptions NOW before price increases; negotiate 3-5 year terms with price caps if possible

  • Download or purchase permanent digital copies of essential reference materials that may go out of print

  • Build personal archives of frequently used Thomson Reuters print titles, as replacement volumes may become unavailable

  • Establish relationships with alternative legal/tax information providers (LexisNexis, CCH, Bloomberg Tax) as backup sources

  • For law firms and libraries: audit current print holdings and identify which titles are truly essential versus habitually renewed

Alternatives

Research independent alternativesSAFE

Look for family-owned or employee-owned businesses

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"Thomson Reuters Global Print Business is now PE-owned. Here's what that means for you."