The Toronto-based media conglomerate—which co-owned the LSE shares with Blackstone-affiliated investment funds—said it will spend US$1 billion from the sale to return money to shareholders and “pursue organic and inorganic opportunities in key growth segments.” Microsoft’s new stake is worth four per cent. It plans to focus on digital transformation of LSE’s technology infrastructure and Refinitiv platforms onto the Microsoft Cloud. (The Logic)

Talking point: Thomson Reuters and Blackstone acquired the stake when they sold financial and risk business Refinitiv to the London Stock Exchange last year. The shares were subject to a lockup agreement, which was amended to allow the sale to Microsoft. Since February 2021, Thomson Reuters has been focused on transforming from a holding company to a “content-driven technology company” through a US$600-million “Change Program.” That involves investing in AI and machine learning in its legal, tax and accounting, and media business, and backing startups through its US$100-million venture capital fund.