On the heels of News Corp.’s bid for The Wall Street Journal, electronic publisher Thomson Corp. confirmed that it will offer $17.5 billion for the Reuters Group news service.

In a statement, Thomson said that the deal, which would create a significant rival to Bloomberg, would be paid in cash and stock. According to Inside Market Data, Thomson-Reuters would have about a 34 percent share of the market, compared to Bloomberg’s current 33 percent.

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