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Bloomberg Markets

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Bloomberg Markets
FrequencyBi-monthly
Circulation375,000 per issue[1]
First issueJuly 1992; 32 years ago (1992-07)
CompanyBloomberg L.P.
CountryUnited States
LanguageEnglish
Websitebloomberg.com/magazine
This article is part of a series about
Michael Bloomberg


Bloomberg Markets is a magazine published six times a year by Bloomberg L.P. as part of Bloomberg News. Aimed at global financial professionals, Bloomberg Markets publishes articles on the people and issues related to global financial markets. Bloomberg Markets, which is based in New York City, has readers in 147 countries. More than half of its readers live outside the U.S.[2]

As of December 2011, the magazine had a circulation of 375,000 and was available for sale at bookstores and selected newsstands. All subscribers of the Bloomberg Professional service and the Bloomberg Terminal also receive Bloomberg Markets as part of their subscription.[3] Newsstand sales averaged 6,154 in 2010.[4]

History

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Bloomberg Markets was launched in July 1992[5] as "Bloomberg: A Magazine for Bloomberg Users" and was originally intended to be a guide for the Bloomberg Professional service.[6] Although every issue included instructions for navigating terminal functions, content also included articles about financial markets aimed at portfolio managers, corporate executives, brokers, bankers and securities traders. William Inman served as Bloomberg Markets founding editor.[7]

In 1999, the magazine became part of Bloomberg News and Ronald Henkoff became editor. Prior to joining Bloomberg Markets, Henkoff worked as a reporter and editor at Newsweek and Fortune.[8] Henkoff was tapped by Bloomberg News chief Matt Winkler to bolster the magazine's feature writing, which had not been a focus of the publication. In 2000, the magazine's name was changed to Bloomberg Markets and became available on newsstands.[9]

In fall 2010, Bloomberg Markets was redesigned in an effort to attract a broader array of advertisers and expand its content.[10] The redesign, led by Bloomberg Markets editor Ronald Henkoff and publisher Michael Dukmejian and developed by the firm of Priest + Grace, gave the publication a new, more contemporary look. In April 2011, Bloomberg Markets hired its first creative director, Siung Tjia, the former creative director of ESPN The Magazine.[11] In addition to design changes, the editors added regular coverage of careers and personal finance following a global survey of readers.[12]

In addition to the redesign, Bloomberg Markets unveiled a trade advertising campaign to position itself as the leading publication for the "global financial elite" and increased its circulation rate base from 355,000 to 375,000 by December 2011.[10] The campaign and shift in design lead to new advertising deals with luxury brands such as Range Rover, Goldman Sachs and Allianz.[13] The ultimate goal, according to Dukmejian, is for Bloomberg Markets to reach a circulation of 450,000 with 15,000 on newsstands.[14]

In June 2011, Bloomberg Markets announced the launch of the 50 Most Influential franchise, its list of the most influential people in global finance, which appeared in the October 2011 issue. To coincide with the issue, the magazine hosted the inaugural Bloomberg Markets 50 Summit, a day-long event, held in September 2011 in New York City.[10] A second 50 Most Influential ranking was published in the magazine's October 2012 issue.

Bloomberg Markets would be testing a spin-off luxury title with a spring 2012 issue called Bloomberg Pursuits.[15]

In October 2015, it was announced by the parent company that Bloomberg Markets would reduce publication from 11 issues a year to six.[5]

Staff

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Bloomberg Markets has a staff of editors in the U.S., Latin America, Europe and Asia. In addition, the magazine draws on contributions from journalists at Bloomberg News, a global news service with 146 bureaus in 72 countries.[16]

Honors and awards

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Bloomberg Markets has won almost 200 journalism and design awards including a Gerald Loeb Award, a Scripps Howard Award and a George Polk Award.[17] In 1995, the magazine was a finalist for the National Magazine Awards in the General Excellence category for magazines with a circulation under 100,000.[18]

In 2006, editor Ron Henkoff won the Lawrence Minard Award as part of the Gerald Loeb Awards, which recognizes an editor whose career achievements and contributions to the profession of business, financial and economic journalism exemplify excellence in the area of editing.[19]

In 2011, Bloomberg Markets was named a finalist for the American Society of Magazine Editors' General Excellence Award for Finance, Technology and Lifestyle Magazines[20] and Bloomberg Markets senior writer David Evans was named a Pulitzer Prize finalist in the National Reporting category.[21] Evans also received the 2011 John Chancellor Award given by Columbia Journalism School.[22]

In 2012, Bloomberg Markets was made available in digital form for the iPad alongside its Businessweek subscription circulation.[citation needed]

Notable stories and their impact

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"Duping The Families of Fallen Soldiers" (September 2010)

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Following a six-month investigation, David Evans's article revealed that life insurance companies were withholding billions of dollars in benefits from the families of slain soldiers and millions of other Americans.[23] As a result of the article, the U.S. Department of Veterans Affairs required that Prudential offer the families of slain soldiers the option of receiving one check for the full amount of the death benefit.[24] Evans was named as a finalist for the 2011 Pulitzer Prize for his article.[25]

"Toxic Debt" (July 2007)

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This three-story cover package revealed the complicit role of rating companies Moody's and Standard and Poor's in creating the complex mortgage-backed securities stuffed with subprime debt that triggered the 2007–2008 financial crisis.[26]

"Big Pharma's Shameful Secret" (December 2005)

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The article revealed that poorly supervised clinical trials for potential new drugs often injure and kill participants.[27] As a result of the magazine's expose, the largest clinical trial company in the U.S. ousted its three top managers and government authorities shut down its biggest test center.[28]

"The Banks That Fleeced Alabama" (September 2005)

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Bloomberg Markets magazine reported that a group of banks led by JPMorgan Chase had overcharged Jefferson County, home to Birmingham, by at least $60 million in fees assessed on $5.8 billion in complex contracts called Interest-rate swaps that the county used to finance a sewer system.[29]

In October 2009, former Birmingham Mayor Larry Langford was convicted of taking bribes to steer a share of the JPMorgan deals to a local bank.[30] As a result of the corruption, in November 2011, Jefferson County filed the largest municipal bankruptcy in U.S. history.[31]

References

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  1. ^ Moses, Lucia (13 June 2011). "Bloomberg Strikes Again". AdWeek. Retrieved 20 October 2011.
  2. ^ Elliott, Stuart (27 September 2010). "Where the 'Elite' Meet to Read". The New York Times. Retrieved 20 October 2011.
  3. ^ "Bloomberg Markets Reveals the World's Best-Paid Investment Banks". PR Newswire. 7 March 2011. Retrieved 19 August 2011.
  4. ^ Ives, Nat (10 August 2010). "Bloomberg Hunts New Advertisers for Its Other Magazine". AdAge. Retrieved 19 December 2011.
  5. ^ a b Claire Atkinson (15 October 2015). "Bloomberg Markets will cease to exist as a monthly magazine". New York Post. Retrieved 14 November 2015.
  6. ^ Hall, Ian (17 January 2003). "MEDIA: Bloomberg's Mag To Be Launched In The UK High Street". PR Week. Retrieved 15 September 2011.[permanent dead link]
  7. ^ Brock, Fred (21 July 1996). "Making Due with Less - Voluntarily or Not". Times Daily. Retrieved 19 December 2011.
  8. ^ "Ron Henkoff". Bloomberg Link. Archived from the original on 15 June 2012. Retrieved 19 December 2011.
  9. ^ Stoeffel, Kat (9 May 2011). "Always the Bridesmaid! Are Tonight's ASME Awards 'Bloomberg Markets" Big Moment?". New York Observer. Archived from the original on 13 May 2011. Retrieved 19 December 2011.
  10. ^ a b c Moses, Lucia (13 June 2011). "Bloomberg Strikes Again". AdWeek. Retrieved 15 September 2011.
  11. ^ Kelly, Keith J. (15 April 2011). "Drama for magazines after soap opera slash". New York Post. Retrieved 20 October 2011.
  12. ^ Bonneville, Kaitlyn (6 October 2010). "Bloomberg Markets magazine relaunch attracts more high-end print advertisers". Luxury Daily. Retrieved 20 October 2011.
  13. ^ Elliot, Stuart (27 September 2010). "Where the 'Elite' Meet to Read". The New York Times. Retrieved 15 September 2011.
  14. ^ Mickey, Bill. "Bloomberg Markets Gets a Makeover". Audience Development. Archived from the original on 1 April 2012. Retrieved 15 September 2011.
  15. ^ Moses, Lucia (10 October 2011). "Bloomberg Bows Luxe Mag". AdWeek. Retrieved 20 October 2011.
  16. ^ Edgecliffe-Johnson, Andrew (26 November 2010). "Bloomberg editor casts a wider net". Financial Times. Retrieved 15 July 2011.
  17. ^ Kerr, Drew (4 October 2010). "Bloomberg Markets Magazine Relaunches with November 2010 Issue". Business Wire. Retrieved 15 September 2011.
  18. ^ "Past Winners and Finalists". American Society of Magazine Editors. Archived from the original on 2011-05-26. Retrieved 2012-04-18.
  19. ^ "2006 Gerald Loeb Award Winners Announced by UCLA Anderson School of Management". UCLA Anderson School of Management. Retrieved 20 October 2011.
  20. ^ Release. "2011 national Magazine Awards Winners and Finalists". American Society of Magazine Editors. Retrieved 15 September 2011.
  21. ^ NPR Staff (18 April 2011). "Winners, Finalists for the 2011 Pulitzer Prizes". NPR. Retrieved 15 September 2011.
  22. ^ "Bloomberg writer David Evans receives John Chancellor Award". Columbia Journalism School. Retrieved 20 October 2011.
  23. ^ "V.A. Agreed to Withholding of Benefits, Documents Say". The New York Times. 13 September 2010. Retrieved 20 October 2011.
  24. ^ Rizzo, Jennifer. "Veterans Affairs makes changes to clarify insurance program". CNN. Archived from the original on 18 January 2012. Retrieved 20 October 2011.
  25. ^ "The 2011 Pulitzer Prize Winners". Pulitzer.org. Retrieved 20 October 2011.
  26. ^ Kohler, Alan (27 June 2007). "Fancy debt could bring us undone". The Sydney Morning Herald. Retrieved 20 October 2011.
  27. ^ Marcial, Gene (8 November 2005). "Testing Times for SFBC International". BusinessWeek. Archived from the original on November 25, 2005. Retrieved 20 October 2011.
  28. ^ Keller, Amy. "Aftermath of a Drug-Testing Firm". FloridaTrend.com. Retrieved 20 October 2011.
  29. ^ Archibald, John (March 4, 2008). "Not to say I told you so, but..." The Birmingham News.
  30. ^ "Ex-Alabama mayor sentenced for corruption". NBC News. March 5, 2010.
  31. ^ Garofalo, Pat. "Predatory JP Morgan Swap Deal Pushes Alabama County Into Largest Municipal Bankruptcy In U.S. History". Think Progress. Retrieved 19 December 2011.
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