Bloomberg News

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This article is about the Bloomberg news agency. For the current parent company, see Bloomberg L.P..
Bloomberg News
Type Division[1]
Industry News agency
Founded 1990
Headquarters 731 Lexington Avenue, New York City, New York, U.S.;
London, United Kingdom; and
Hong Kong, China
Key people Matthew Winkler, editor-in-chief
Owners Bloomberg L.P.
Employees 2,300
Website www.bloomberg.com/news/

Bloomberg News is an international news agency headquartered in New York, United States and a division of Bloomberg L.P.

Content produced by Bloomberg News is disseminated through the Bloomberg terminal, Bloomberg Television, Bloomberg Radio, Bloomberg Businessweek, Bloomberg Markets, Bloomberg.com and Bloomberg's mobile platforms. Matthew Winkler currently serves as editor-in-chief.

History[edit]

Bloomberg News, originally known as Bloomberg Business News, was co-founded by Michael Bloomberg and Matthew Winkler in 1990 to deliver financial news reporting to Bloomberg terminal subscribers.[2]

The Bloomberg News agency was established in 1990 with a team of six people.[3] In 2010, Bloomberg News included more than 2,300 editors and reporters in 72 countries and 146 new bureaus worldwide.[4][5]

Creation–1995[edit]

The idea for Bloomberg Business News came up in 1989 as an exploration in the expansion of Bloomberg's growing services through the Terminal. Michael Bloomberg approached Matthew Winkler, a writer for the Wall Street Journal at the time, to help build out the service in a way that he envisioned would provide up-to-the-minute financial news that would be communicated in a concise and intelligent way.[6] As a fledgling company in 1990, Bloomberg hoped that the news service would spread the company name, sell more Bloomberg Terminals and end Bloomberg's reliance on the Dow Jones News Services, a valuable subscriber service for the Terminal.[7]

The creation of Bloomberg Business News required Winkler to open a Bloomberg office in Washington, D.C. in order to report about political effects on the business world. However, the Standing Committee of Correspondents (SCC) in Washington required Bloomberg News be formally accredited to act as a legitimate news source, a title that Bloomberg Business News only accomplished after agreeing to provide free Terminals to major newspapers in exchange for news space in the publications.[7] This accreditation led to an annual growth over 35% until 1995.[7] During this growth period Bloomberg News opened a small television station in New York, purchased New York Radio Station WNEW, launched fifteen-minute weekday business news programs for broadcast on PBS and opened offices in Hong Kong and Frankfurt, Germany.[7] By 1995, Bloomberg News had 335 reporters in 56 locations.[8]

1995–2000[edit]

The initial goal of Bloomberg Business News to increase Terminal sales was adequately met by the mid-nineties and refocused the scope to their news service in order to rival the profitability of other media groups such as Reuters and Dow Jones. This led to the creation of Bloomberg's magazine, Bloomberg Personal in 1995, which would be carried in the Sunday edition of 18 U.S. papers.[8] Also in 1995, Bloomberg launched a 24-hour financial news service through Bloomberg Information Television and began wiring its Terminals through DirectTV. This simultaneously occurred with the launch of a web site to provide audio feed of radio broadcasts.[7]

Bloomberg Business News was renamed Bloomberg News in 1997. By this time Bloomberg News content was carried in over 800 newspapers worldwide and was syndicated through Bloomberg Television and 40 international affiliates.[8]

2000–present[edit]

In 2009 Bloomberg News partnered with The Washington Post to launch a global news service known as The Washington Post News Service with Bloomberg News. Hosting content from both news sources, the service hopes to pair the political experience of The Washington Post with the global financial economic news of Bloomberg News.[9]

In April 2013, Bloomberg News launched a new section, The Good Life, which focuses on luxury-level living. The section's content provides information on topics including food, wine, art, auctions, theater, music, and real estate. Review of technology and high-end autos are published weekly. It also highlights content from Bloomberg's quarterly lifestyle and luxury magazine Pursuits.

China Coverage[edit]

Bloomberg News received a 2012 George Polk Award for its series of stories about China’s political elite, “Revolution to Riches.”[10][11]

One story in the series focused on the family wealth of Chinese leader Xi Jinping. After the story was published, Terminal sales in China slowed because government officials ordered state enterprises not to subscribe. The Bloomberg News website was also blocked on Chinese servers, and the company was unable to get visas for journalists it wanted to send to China.[12]

During a conference call on October 29, 2013, Winkler told four Bloomberg journalists in Hong Kong that the findings of their major investigation into "the hidden financial ties between one of the wealthiest men in China and the families of top Chinese leaders” would not be published. Less than a week later, a second planned article “about the children of senior Chinese officials employed by foreign banks,” was also killed, according to Bloomberg employees.[13]

Unnamed Bloomberg employees quoted by The New York Times said the decision not to publish was made by the company’s top editors, led by Winkler. According to one employee, Winkler said, “If we run the story, we’ll be kicked out of China.”[13]

When contacted by the Times, Winkler said in an email that neither story had been killed. “’What you have is untrue,’” he wrote. “’The stories are active and not spiked.’” Laurie Hays, the senior editor on the articles, "echoed" his statement. Winkler declined to discuss the conference call.[13]

The Winkler and Hays denials appeared in a story published by the Times on November 8, 2013. At a mayoral news conference four days later, Michael Bloomberg also denied the accusation. He “insisted” that Bloomberg News “did not do that; the editors said that was just not the case.”[14] Noting Winkler’s response to the Times, he added, “No one thinks that we are wusses and not willing to stand up and write stories that are of interest to the public and that are factually correct.”[14] He also said that because he was mayor of New York, he was not involved in the operations of the news agency. “I’ve recused myself from anything to do with the company,” he said.[14]

Three journalists left the company after news reports about the decision appeared --- reporter Michael Forsythe, editor and reporter Amanda Bennett, and Ben Richardson, an editor at large for Asia news.[15][16] Richardson said, “I left Bloomberg because of the way the story was mishandled, and because of how the company made misleading statements in the global press and senior executives disparaged the team that worked so hard to execute an incredibly demanding story.” He also said that the company has threatened the journalists who worked on the story with legal action if they discuss the incident publicly.[17]

Taiwan-based Next Media Animation produced an animated cartoon ridiculing Winkler and Michael Bloomberg.[18]

Journalist and author Howard W. French has written that Bloomberg’s handling of the episode “has tainted its corporate identity and journalism brand to a degree that could last for years."[19]

Bloomberg Businessweek[edit]

Bloomberg L.P. bought weekly business magazine Businessweek from McGraw-Hill in 2009.[20] The company acquired the magazine to attract general business to its media audience composed primarily of terminal subscribers.[21] Following the acquisition, Businessweek was renamed Bloomberg Businessweek.[21]

Bloomberg Television[edit]

Bloomberg Television is a 24-hour financial news television network. It was introduced in 1994 as a subscription service transmitted on satellite television provider DirecTV, 13 hours a day, 7 days a week.[22] In 1995, the network entered the cable television market and by 2000, Bloomberg's 24-hour news programming was being aired to 200 million households.[23] Andy Lack serves as CEO of the Bloomberg Media Group which includes Bloomberg Radio, Bloomberg Television and mobile, online and advertising supported components of Bloomberg's media offerings.[24]

Bloomberg Markets[edit]

Originally launched in July 1992 under the title Bloomberg: A Magazine for Bloomberg Users, Bloomberg Markets was a monthly magazine given to all Bloomberg Professional Service subscribers.[25] In addition to providing international financial news to industry professionals, the magazine included points for navigating terminal functionality. In 2010, the magazine was redesigned in an effort to update its readership beyond terminal users.[26] Ron Henkoff has served as editor of Bloomberg Markets since 1999[27] and Michael Dukmejian has served as the magazine's publisher since 2009.[28]

Bloomberg View[edit]

Bloomberg View is an editorial division of Bloomberg News which launched in May 2011, and it provides content from columnists, authors and editors about current news issues.[29] David Shipley, former Op-Ed page editor at The New York Times, serves as Bloomberg View's executive editor.[30]

Bloomberg Politics[edit]

Scheduled to debut in October 2014, Bloomberg Politics is a venture that is to feature political coverage spanning digital, print and broadcast media.[31][32] The slated launch includes the debut of a half-hour television show, With All Due Respect, hosted by Bloomberg Politics Managing Editors Mark Halperin and John Heilemann.[33]

See also[edit]

Notes[edit]

  1. ^ Plunkett, Jack W. (2009). Plunkett's E-Commerce and Internet Business Almanac. Plunkett Research, Ltd. p. 209. 
  2. ^ Make it New. iUniverse. Retrieved March 15, 2013. 
  3. ^ "Bloomberg Solutions". Bloomberg News. Retrieved May 14, 2013. 
  4. ^ "At A Glance". Bloomberg Press Room. Retrieved March 18, 2013. 
  5. ^ "Bloomberg News editor-in-chief speaks about the economy and the presidential election". UNC School of Journalism and Mass Communication. Retrieved March 18, 2013. 
  6. ^ Bloomberg, Michael (1997). Bloomberg by Bloomberg. New York: John Wiley & Sons, Inc. pp. 79–100. ISBN 0-471-15545-4. 
  7. ^ a b c d e Bodine, Paul (2004). Make it New: Essays in the History of American Business. Lincoln, NE: iUniverse, Inc. pp. 180–190. ISBN 0-595-30921-6. 
  8. ^ a b c Group, Gale (2011). International Directory of Company Histories Vol. 126. Farmington Hills, Mich: St. James Press. 
  9. ^ Business Wire (1 October 2009). "The Washington Post and Bloomberg to Launch Global News Service". News Blaze. Retrieved 29 July 2011. 
  10. ^ Polk Awards at a Glance Long Island University
  11. ^ "Revolution to Riches". Bloomberg News. Retrieved July 13, 2014. 
  12. ^ “Bloomberg News Suspends Reporter Whose Article on China Was Not Published” Wong, Edward; Haughney, Christine, 17 November 2013, New York Times.
  13. ^ a b c “Bloomberg News Is Said to Curb Articles That Might Anger China” Wong, Edward, 8 November 2013, New York Times.
  14. ^ a b c “Bloomberg Says News Service Did Not Kill Articles on China” Sisario, Ben, 12 November 2013, New York Times.
  15. ^ “Another Bloomberg Editor Explains Why He Has Resigned, Over Its China Coverage,” Fallows, James, 25 March 2014, The Atlantic.
  16. ^ “Editor Leaves Bloomberg, Citing China Coverage,” Somaiya, Ravi, 24 March 2014, New York Times.
  17. ^ “Ben Richardson Quits Bloomberg News Over Handling of Investigative Piece,” 24 March 2014, Romenesko.com. Retrieved 2014-06-01.
  18. ^ “Animated Take on Bloomberg’s Coverage of China,” Wong, Edward, 8 November 2013, New York Times.
  19. ^ "Bloomberg’s Folly," French, Howard W, 1 May, 2014 Columbia Journalism Review. Retrieved 2014-05-25.
  20. ^ Clifford, Stephanie; Carr, David (October 14, 2009). "Bloomberg Buys BusinessWeek From McGraw-Hill". The New York Times. Retrieved March 18, 2013. 
  21. ^ a b "Bloomberg Wins Bidding For BusinessWeek". Bloomberg Businessweek. Retrieved March 18, 2013. 
  22. ^ "Bloomberg L.P. History". Funding Universe. Retrieved March 19, 2013. 
  23. ^ Hakim, Danny (September 18, 2000). "Bloomberg Unit To Announce A Cable Deal". The New York Times. Retrieved March 19, 2013. 
  24. ^ "Bloomberg: a cloud built for world domination". Datacenter Dynamics. Retrieved March 19, 2013. 
  25. ^ "MEDIA: Bloomberg's mag to be launched in the UK high street". BrandRepublic. Retrieved March 19, 2013. 
  26. ^ "MEDIA: Bloomberg Strikes Again". AdWeek. Retrieved March 19, 2013. 
  27. ^ "MEDIA: Ronald Henkoff". Bloomberg Link. Retrieved March 19, 2013. 
  28. ^ "Michael Dukmejian Joins BLOOMBERG MARKETS Magazine As Publisher". Reuters. June 24, 2009. Retrieved March 19, 2013. 
  29. ^ "Bloomberg View reveals columnists, editorial board". Politico. Retrieved March 20, 2013. 
  30. ^ Calderone, Michael (September 27, 2011). "James Rubin Leaves Bloomberg View Opinion Section". Huffington Post. Retrieved March 20, 2013. 
  31. ^ "Bloomberg Announces First New Digital-Led, Multi-Platform Brand: Bloomberg Politics" (Press release). Bloomberg.com. May 4, 2014. Retrieved September 23, 2014. 
  32. ^ Pompeo, Joe (August 4, 2014). "Mike Nizza named executive editor of Bloomberg’s politics site". Capital New York. Retrieved September 23, 2014. 
  33. ^ "Register, Bloomberg team up on politics coverage". The Des Moines Register. September 22, 2014. Retrieved September 23, 2014. 

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