Thompson Corporation of Canada approached news agency Reuters about a possible takeover, reports The New York Times.

Reuters shares rose 26 percent on the news. Thompson reportedly could use the $5 billion it gets from the sale of its education division for the acquisition.

Reuters became popular in recent years as more people began seeking out financial news and information. Its ownership structure will make ownership transition a tough nut to crack, however. This is because one trust-held share holds veto authority. This arrangement ensured the agency's independence from the British government.

Though it confirmed it had entered into preliminary acquisition talks, Reuters did not  initially mention with whom.