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Bloomberg Industry Group

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Bloomberg Industry Group
Company typeAffiliate
IndustryLegal, Tax, Government, Environment & Business news
Founded1929; 95 years ago (1929)
FounderDavid Lawrence
Headquarters
Arlington, Virginia
,
United States
Key people
Josh Eastright
(CEO)
OwnerMichael Bloomberg (88%) and Bank of America (12%; through Merrill Lynch)
ParentBloomberg, L.P.
Divisions
Websitewww.bloombergindustry.com Edit this at Wikidata

Bloomberg Industry Group (formerly known as Bloomberg BNA, The Bureau of National Affairs, Inc., and BNA) is an affiliate of Bloomberg L.P. and a source of legal, tax, regulatory, and business information for professionals. It is headquartered in Arlington County, Virginia.[1] The CEO of the company is Josh Eastright.[2]

The company was founded in 1929 by David Lawrence[3] and became employee-owned in 1947. When it was acquired by Bloomberg in September 2011,[4] it was the oldest employee-owned company in the United States.[5]

History

Early history (1929–2011)

The Bureau of National Affairs, Inc. (BNA) was founded in 1929 by newsman David Lawrence as a subsidiary of United States Daily, now known as the US News & World Report.[6] BNA's first publication was U.S. Patent, Trademark & Copyright Reports (now United States Patent Quarterly).[3] In 1946, Lawrence sold BNA to five of his top editors: Dean Dinwoodey, John D. Stewart, Ed Donnell, Adolph Magidson and John Taylor.[7] The editors opened up ownership to the rest of their BNA colleagues and from 1947 until 2011, the company was owned entirely by current and former employees.[5]

Tax Management, Inc., a subsidiary of Bloomberg BNA, was founded in 1959 by Leonard Silverstein to provide tax analysis in the form of the Tax Management Portfolios.[8] The company has published over 500 Portfolios and now offers research, news, practice tools, and guidance for tax attorneys, CPAs, corporate tax managers, estate planners, and financial accountants. It offers federal, state, international tax and accounting services. Tax Management, Inc., is fully integrated into Bloomberg Industry Group and is based in Arlington, Virginia.

Recent history (2011–present)

On August 25, 2011, Bloomberg L.P announced it would purchase BNA for an estimated $990 million.[4] The transaction closed in late September 2011 at which time Bloomberg paid $39.50 a share in cash through a tender offer to BNA's employee owners. Bloomberg purchased BNA to bolster its existing Bloomberg Government, Bloomberg Law and Bloomberg News services and integrated BNA's vast databases and deep reporting of policy into its news and online products.[9]

In January 2014, Bloomberg BNA took over day-to-day operations of Bloomberg Law.[10] On July 1, 2017, Bloomberg Government officially became part of Bloomberg BNA.[11] On September 3, 2019 Bloomberg BNA changed its name to Bloomberg Industry Group.[12]

Timeline

1926 – Publisher David Lawrence launches The United States Daily, a daily newspaper of record covering the effects of government on business.

1929 – U.S. Patent, Trademark & Copyright Reports; BNA’s first publication launched March 4 (today called United States Patents Quarterly).

1933 – The United States Daily folds in the aftermath of President Franklin Roosevelt’s "bank holiday;" converts into a weekly. The United States News - Law Journal launched (later U.S. Law Week, under the BNA name).

1941 – Daily Report on Price and Production Controls begins in April; it is the only privately produced publication to receive an unlimited allocation of paper during World War II.[citation needed]

1947 – BNA begins operation as an employee-owned company under President Dean Dinwoodey; the National Labor Relations Board certifies the American Newspaper Guild as the bargaining agent for BNA employees (Bloomberg Industry Group employees are now covered by the Washington-Baltimore News Guild).

1959 – BNA subsidiary Tax Management, Inc. is founded.

1970 – Environment Reporter is launched eight days after the first Earth Day.

'1984 - BNA acquired the legal publisher Pike & Fisher.[13]

1993 – BNA's Health Care Publishing Division is launched.

2007 – BNA moves corporate headquarters from the West End of Washington, DC to Arlington, Virginia.

2011 – Bloomberg L.P. announces intent to purchase BNA for an estimated $990 million.

2012 – Bloomberg L.P. announces appointment of Greg McCaffery as CEO and President of Bloomberg BNA.[14][15]

2014 – Bloomberg Law becomes part of Bloomberg BNA.[15]

2017 – Bloomberg L.P. announces that Bloomberg Government will become part of Bloomberg BNA.[16]

2019 – Bloomberg BNA announces name change to Bloomberg Industry Group.

Products and services

Bloomberg Industry Group produces news publications in a broad array of topics.[17] The company offers solutions[buzzword] to practitioners in the areas of law, tax and accounting, government affairs, government contracting, and environment, health and safety. The company's network of more than 2,500 reporters, correspondents, and leading practitioners publish practical analysis, news, practice tools, and guidance.[18]

Bloomberg Law is a subscription-based product for online legal research.[19] The platform, which Bloomberg L.P. introduced in 2009, provides legal content, proprietary company information and news to attorneys, law students, and other legal professionals. The service integrates Bloomberg L.P. news with Bloomberg BNA's primary and secondary legal content and business development tools, as well as tools to analyze case law, corporate representation, and judicial history. Features include Litigation and Dockets, Legal and Financial Analytics, Business Development Center, Practice Tools and News and Law Reports.[20] In 2014, Bloomberg Law moved under the umbrella of Bloomberg Industry Group.[21]

Tax, Accounting, and Payroll

Bloomberg Industry Group provides tax guidance resources to accounting, corporate and legal professionals that specialize in tax planning and compliance. As part of many of its tax and accounting research products, Bloomberg Industry Group offers more than 500 "Tax Management Portfolios" written by outside practitioners on key tax planning, transactional, jurisdictional, or financial accounting issues. Each Portfolio includes an analysis of the alternative approaches to a certain issue, worksheets and a practice tools section, sample forms, primary sources and a bibliography.[22]

Bloomberg Industry Group serves the professional payroll marketplace through products such as Payroll Administration Guide and Bloomberg Tax & Accounting's International Payroll Country Primers. The company's payroll products include news on U.S. and international payroll developments, strategic white papers, and customized research answers.

Government Affairs and Government Contracting

Bloomberg Industry Group offers news, information, and analytics to government affairs and government contracting professionals through Bloomberg Government.

Corporate citizenship

Bloomberg Industry Group provides support to a variety of charities and community organizations, including Arlington Food Assistance Center, DC Central Kitchen, Martha's Table, and Humane Rescue Alliance. It supports the Legal Aid Society of the District of Columbia by offering complimentary access to Bloomberg Law. Michael Bloomberg, the founder of Bloomberg Industry Group's parent company formed the charitable foundation Bloomberg Philanthropies in 2006. According to the organization's mission statement, Bloomberg Philanthropies focuses on public health, environment, education, government innovation and the arts.

Notable products and publications

References

  1. ^ Thomson, Amy (25 August 2011). "Bloomberg Agrees to Buy Bureau of National Affairs for About $990 Million". Bloomberg. Retrieved 23 April 2013.
  2. ^ "Josh Eastright". www.bna.com. Archived from the original on 2018-06-29. Retrieved 2018-05-08.
  3. ^ a b "Milestone 1920s-1930s". Bloomberg BNA. Archived from the original on 2017-02-22. Retrieved 12 December 2011.
  4. ^ a b Roose, Kevin (25 August 2011). "Bloomberg L.P. To Buy BNA for $990 Million". The New York Times. Archived from the original on 2019-10-07. Retrieved 12 December 2011.
  5. ^ a b "BNA Announces Corporate Restructuring, New Officers". Bloomberg BNA. 28 April 2009. Archived from the original on 4 March 2016. Retrieved 23 April 2013.
  6. ^ "Magazine Founder Dies". Lewiston Morning Tribune. 12 February 1973. Retrieved 12 December 2011.
  7. ^ "Milestones 1940s-1950s". Bloomberg BNA. Archived from the original on 2017-02-22. Retrieved 23 April 2013.
  8. ^ "Leonard L. Silverstein - People". Archived from the original on 2015-11-07. Retrieved 2016-10-24.
  9. ^ Douglas, Danielle (25 August 2011). "Bloomberg snags BNA for $990M". The Washington Post. Retrieved 12 December 2011.
  10. ^ "Bloomberg Law and Bloomberg BNA Premier Update". University of Iowa Law Library.
  11. ^ "Bloomberg Is Folding Bloomberg Government Into Bloomberg BNA". Retrieved 2017-07-05.
  12. ^ "UPDATED WITH MULTIMEDIA ASSETS: Bloomberg BNA Announces Name Change to Bloomberg Industry Group". Pr Newswire. 3 September 2019. Retrieved 27 September 2019.
  13. ^ "History of The Bureau of National Affairs, Inc. – FundingUniverse". Retrieved 2021-07-24.
  14. ^ "BNA Gets New CEO". The Progressive Accountant. January 10, 2012.
  15. ^ a b Bay, Monica (July 30, 2013). "Bloomberg Law to Rebrand as Bloomberg BNA". Law.com.
  16. ^ "Bloomberg Is Folding Bloomberg Government Into Bloomberg BNA". Retrieved 2017-04-07.
  17. ^ Summers, Nick (21 November 2011). "Bloomberg's Plan for World Domination". Newsweek. Archived from the original on 2013-01-29. Retrieved 12 December 2011.
  18. ^ "About Us". Bloomberg Industry Group. Retrieved May 23, 2020.
  19. ^ Mary Ann Neary and George D. Wilson, "Hello BLaw: Bloomberg Law, the newcomer in legal research, meets academic users Archived 2015-09-12 at the Wayback Machine", AALL Spectrum (2009).
  20. ^ "Bloomberg Law Launches Business Development Center - Business Wire".
  21. ^ "Archived copy" (PDF). Archived from the original (PDF) on 2016-11-10. Retrieved 2016-11-10.{{cite web}}: CS1 maint: archived copy as title (link)
  22. ^ "Archived copy" (PDF). Archived from the original (PDF) on 2016-06-15. Retrieved 2016-11-10.{{cite web}}: CS1 maint: archived copy as title (link)
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