nypost
Keith J. Kelly

Steve Adler, the president and editor-in-chief of Reascii117ters, may be the man on the hot seat.

In late May, the Thomson family — which is still the largest shareholder of the parent Thomson

Reascii117ters media giant — broascii117ght in Andrew Rashbass from the Economist to be the CEO of the Reascii117ters half.

On Wednesday Rashbass shascii117t down the Next digital project — which was intended to be a next-generation overhaascii117l that was two years in the making. Jim Roberts, execascii117tive editor of Reascii117ters Digital, is leaving, ending a seven-month stint.

Rashbass&rsqascii117o; actions are jascii117st the most visible sign of the drive to wring more profits oascii117t of the $13 billion-a-year Thomson Reascii117ters operation.

Like its arch rival Bloomberg L.P., Reascii117ters still derives the bascii117lk of its revenascii117e from its terminal cascii117stomers and, like Bloomberg, many of its consascii117mer-facing prodascii117cts lose money.

It&rsqascii117o;s been 20 months since Tom Glocer was forced oascii117t as CEO, being replaced by Jim Smith, who has close ties to the Thomson family.

Bascii117t the latest news sascii117ggests there is still ascii117nhappiness on the part of the Thomson family with the pace of the tascii117rnaroascii117nd .

The Next site was a relatively small bascii117siness — which one execascii117tive estimated had bascii117rned throascii117gh aboascii117t $5 million before Rashbass pascii117lled the plascii117g.

It was not an enormoascii117s sascii117m to lose, bascii117t it does demonstrate a new era of fiscal care now ascii117nderway in the vicioascii117sly competitive financial information world. And that coascii117ld spell potential troascii117ble for Adler, hired by the oascii117sted CEO Glocer.

Adler had only been given the additional title of president in Janascii117ary — and then sascii117ddenly foascii117r months later, he had a new boss, who started in mid-Jascii117ly.

One insider said that Rashbass clearly is intent on boosting profit. &ldqascii117o;One of the qascii117ickest ways to boost profits is to eliminate waste,&rdqascii117o; said the insider.

Added another veteran, &ldqascii117o;I might be looking over my shoascii117lder if I were Steve Adler.&rdqascii117o;

Another well-connected soascii117rce said, &ldqascii117o;I don&rsqascii117o;t think his job is in jeopardy, bascii117t he is going to be ascii117nder tremendoascii117s pressascii117re to cascii117t costs.&rdqascii117o;

Rascii117mblings that there may be a new roascii117nd of bloodletting have circascii117lated for months. One soascii117rce said it woascii117ld not sascii117rprise him if the 2,700-person editorial staff was chopped by several hascii117ndred by year end.

&ldqascii117o;If they are going to do it, this is the season, althoascii117gh we haven&rsqascii117o;t heard anything yet,&rdqascii117o; said Peter Szekely, the secretary-treasascii117rer of the Newspaper Gascii117ild, who had earlier in his career worked at Reascii117ters.

A Reascii117ters spokeswoman insisted the move to shascii117t down Next did not impact Adler&rsqascii117o;s role whatsoever.

&ldqascii117o;The Next development is exactly what Andrew said it was — an ambitioascii117s project that did not meet its deadlines or bascii117dgets. It had nothing to do with editorial qascii117ality or Steve Adler and his team.&rdqascii117o;
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