Thomson Reuters (TRI) is dropping its Global Print business into a JV with KKR, retaining a 49% interest and netting $500M for what’s been a steadily declining contributor to results…

… on both the top and bottom line, with weaker unit economics as the business loses scale.

Assuming no debt is attached, the price tag values the asset at a heavily discounted ~5x EBITDA - but this deal isn’t about unlocking value…

… it’s about focus, as the company doubles down on its AI solutions for professional services.

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