CNN is jettisoning news agency Reuters when its contract ends today and will divert coin into its own newsgathering operations.
Staffers learned of the cut in an email from CNN’s international channels managing director Tony Maddox.
“To advantage CNN in the content marketplace and manage the continually rising costs associated with acquired assets, we are making significant investments in our own newsgathering while simultaneously reducing our reliance on agency material,” he said.
Maddox added that the move is a “step forward to greater control — of our editorial product, of the quality of the CNN services we provide and of our growth and success in the digital age. Alongside our people and our global vision, CNN’s newsgathering infrastructure has always been its signature competitive advantage.”
A CNN spokeswoman declined to say how much the “significant investments” amount to.
In an email to staff, Reuters Media prexy Chris Ahean said that “regrettably, after a period of extensive discussions, no commercial agreement could be reached” with CNN.
“In no way is this a reflection of the value placed upon Reuters’ editorial quality by CNN or the work that Reuters has done for them,” he added. “We are hopeful that we will have the opportunity to work with CNN again.”