In , Bloomberg News began as a kind of customer service provider. He voted himself in as Mayor of New York for an unprecedented third term, without even so much as a Referendum. Redirected from Bloomberg Innovation Index.
They created new services such as Bloomberg Law and acquired the famed yet floundering magazine Businessweek. Their plan called for the Bloomberg brand to be well established outside the world of finance. Its website should be accessible to everyone, not just elite subscribers to its Terminals.
While other media companies were tightening their budgets, the number of Bloomberg editors was steadily increasing. From to , Grauer and Doctoroff brought on more than journalists.
While Michael Bloomberg was busy in City Hall banning smoking from parks and obliging restaurant chains to specify the amount of calories in their menus, his journalists were pursuing the lofty goal of becoming the "most influential news organization in the world," as Doctoroff put it. The more award-winning writers from the Wall Street Journal and the New York Times flocked to Bloomberg, the more it invested in TV, websites and magazines, the more its reporters' understanding of themselves as mere auxiliaries of the Terminal diminished.
Bloomberg's editors emancipated themselves from the bankers on their Terminals, by extension, from the almighty Mike Bloomberg. But the growth came at a price. The bloated apparatus became locked in a power struggle between the classic journalists of the news division in their collars and ties and the casually clad crowd of the online and magazine divisions. In one famous blunder, the kerfuffle between the fiefdoms in the Bloomberg empire led to an minute delay in breaking the news of Hillary Clinton announcing her candidacy for president -- an eternity in the fast-moving news world.
The writers for the website and the wire journalists for the Terminal got in each other's way when it came to putting the news out, one editor complained.
The results of the Bloomberg-free interregnum are mixed. On the one hand, the concern has overtaken Thomson Reuters and logged fabulous profits, but on the other, exponential growth in its media business has come at a high cost. When Michael Bloomberg took up his post again at Lexington Ave. With a "wry smile and a laugh," as the paper described it, Doctoroff said, "Mike is kind of like a God at the company. He created the universe. He issued the Ten Commandments and then he disappeared.
And then he came back. You have to understand that when God comes back, things are going to be different. Doctoroff left the company and others, like Matt Winkler, who had served as editor in chief for 25 years, were sidelined.
If there were any remaining doubts as to who was to be in charge in the future, they were laid to rest at a meeting called by top Bloomberg executive Grauer in a conference room at the company's headquarters. When Grauer tried to shut the door to prevent people outside from listening in, Bloomberg ordered him to keep the room open. Grauer objected and closed the door. The next day, workmen showed up and removed the door. The man Bloomberg has now charged with cleaning up the media business is John Micklethwait, who spent nine years as editor-in-chief of the Economist , Bloomberg's favorite magazine and required reading for those interested in economics.
Micklethwait traded his comfortable, book-lined London office for a desk in Bloomberg's open-plan space. His colleagues can only guess what inspired Micklethwait to relinquish the freedom he enjoyed at the Economist in exchange for the task of bringing Bloomberg's journalists back into line: Bloomberg, they say, pays well for trophy hires.
It took Micklethwait but a few weeks at Bloomberg to lose his laid-back British charm. At the beginning of September, he sent a long email to the editorial staff, the tone of which was rather sharp.
Bloomberg, Micklethwait wrote, needs to shift its focus back to its customers. And customers, he went on, don't like it when their valuable time is wasted on long-winded content "that serves us rather better than it does the people who are paying to read it. Micklethwait wrote that Bloomberg's guiding principle would be the "chronicle of capitalism. In recent months, a number of top staffers who had previously enjoyed considerable freedom have left the company.
Among the departed is digital chief Joshua Topolsky, whose vibrant website was viewed by the wire-service old-guard at the company as a betrayal of the "Bloomberg Way," the firm's page style guide, which bans the use of words like "but" and "although" for fear that they may confuse stressed-out bankers. Some sources claim that, in a meeting with close advisors, Mike Bloomberg asked, "Why do we need a website?
Josh Tyrangiel, editor in chief of BusinessWeek and, until a short time ago, a man considered to be a creative superstar inside the company, also put in his notice, likely because he was not appointed as head of Bloomberg's entire editorial operation. Tyrangiel, colleagues claim, made no secret of the fact that he considered many wire journalists in the newsroom to be small-minded.
In September, Bloomberg laid off 80 journalists, including foreign and security policy reporters in the company's Washington bureau. An anecdote from the awarding of this year's Pulitzer Prizes illustrates what little regard Michael Bloomberg holds for that which many of his journalists consider to be sacrosanct. In April, Bloomberg News became the recipient of America's top journalism prize for the first time in the company's history. Journalist Zachary Mider had won the award for his reporting on loopholes that enable US companies to systematically dodge taxes.
The afternoon news broke of the prize, Mider stood together with colleagues in the newsroom on the fifth-floor of the Lexington Avenue offices. Colleagues gathered spontaneously and gave the reporter a champagne toast. The only person who didn't seem to be in a cheerful mood was Bloomberg himself. One person present asked Bloomberg what it felt like to win the Pulitzer for the first time.
Bloomberg reportedly answered that he had the impression that it is "apparently important to worry about these types of things. Neither Bloomberg, Grauer nor Micklethwait attended the gala dinner at Columbia University, which administers the prize. And when a group of employees celebrated the award at the tony Spotted Pig restaurant in New York's West Village, Bloomberg was also a no-show.
Officially, Bloomberg himself does not want to comment, but his people say that he doesn't go to gala dinners like the one at Columbia out of principle and that the party at the Spotted Pig had been an internal event for the reporting team. Mike and his firm, however, are "extremely proud of the Pulitzer win and we aim to win more," a Bloomberg representative says. He says that Bloomberg's new direction has had "a damaging effect on the journalism.
One former close colleague says that Mike Bloomberg wasn't pleased about what happened to his company in his absence. The company is also now facing unexpected competition. Many customers consider the company to be arrogant and overpriced, with discounts given only rarely.
When the Bloomberg network went down in April and the financial world had to get by without data for several hours, one banker tweeted that he finally understood how his daughter felt when Facebook crashes. But the crash also forced many banks to recognize their dependence on Bloomberg, prompting them to begin looking for alternatives. Last year, 14 banks, including Goldman Sachs and Morgan Stanley, founded Symphony, an alternative to the chat system that is the core of the Bloomberg Terminal product.
Several weeks ago, Google invested in Symphony, and the grapevine is abuzz with reports the company is interested in building its own editorial operation. For Bloomberg, that means that the fat profit its Terminals had guaranteed for years could be in jeopardy.
One former colleague believes Michael Bloomberg is worried about his "historical legacy," and that the more content given away for free by the company on its website or on Bloomberg TV, the greater the threat that customers will no longer continue their Bloomberg Terminal subscriptions.
These days, Bloomberg can often be seen pacing the halls of the company's Lexington Avenue headquarters. Even as journalists fear further layoffs, Bloomberg himself derives immense pleasure from micromanaging everyday life at the company. He reportedly even personally drafted Bloomberg TV's new look. And then, of course, there are the paper towels in the bathrooms. One of the more popular anecdotes making the rounds these days is that, during a restroom visit, it took Bloomberg awhile to find the paper towel holders, which are hidden beneath the mirrors.
Deeply irritated, he called the superintendent and demanded that small signs be posted in restrooms throughout the building.
Discuss this issue with other readers! Show all comments Page 1. The man is a meglomaniac whose lust for control knows no bounds. Joel Weber edits the magazine. This acquisition became part of Bloomberg Government , which was launched in early Liebreich continued to lead the company, serving as the chief executive officer  until , when he stepped down as CEO but remained involved as Chairman of the Advisory Board.
The company produces more than news publications in topic areas that include corporate law and business, employee benefits, employment and labor law, environment, health and safety, health care, human resources, intellectual property, litigation, and tax and accounting.
In May , Bloomberg L. In , sales from the Bloomberg Professional Service, also known as the Bloomberg terminal , accounted for more than 85 percent of Bloomberg L.
The Terminal covers both public and private markets globally. Bloomberg News was co-founded by Michael Bloomberg and Matthew Winkler in , to deliver financial news reporting to Bloomberg terminal subscribers. In , Bloomberg News included more than 2, editors and reporters in countries. Since , John Micklethwait has served as editor-in-chief.
Bloomberg Television , a service of Bloomberg News, is a hour financial news television network. It was introduced in , as a subscription service transmitted on satellite television provider DirecTV , 13 hours a day, 7 days a week. Bloomberg Markets is a monthly magazine launched in , that provides in-depth coverage of global financial markets for finance professionals.
Bloomberg Pursuits was a bimonthly luxury magazine distributed exclusively to Bloomberg terminal users and to newsstands. It ceased publication in A digital edition and show on Bloomberg Television continue under the same name. Bloomberg Entity Exchange is a web-based , centralised and secure platform for buy side firms, sell side firms, corporations and insurance firms, banks or brokers to fulfill Know Your Customer KYC compliance requirements. It was launched on May 25, Launched in , Bloomberg Government is an online service that provides news and information about politics, along legislative and regulatory coverage.
Bloomberg Tradebook is an electronic agency brokerage for equity, futures, options and foreign exchange trades. Bloomberg Beta is a venture capital firm capitalized by Bloomberg L. It is headquartered in San Francisco. The Bloomberg Innovation Index is an annual ranking of how innovative countries are. It is based on six criteria: Bloomberg Live is a series of conferences targeted towards business people. The office space also includes rows of flat-panel monitors overhead that display news, market data, the weather and Bloomberg customer service statistics.
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