|Formerly||Bloomberg Business News (1990–1997)|
|Headquarters||731 Lexington Avenue, New York City, United States|
London, United Kingdom
|Owner||Michael Bloomberg (88%) and Bank of America (12%; through Merrill Lynch)|
Number of employees
|Footnotes / references|
Bloomberg News (originally Bloomberg Business News) is an international news agency headquartered in New York City and a division of Bloomberg L.P. Content produced by Bloomberg News is disseminated through Bloomberg Terminals, Bloomberg Television, Bloomberg Radio, Bloomberg Businessweek, Bloomberg Markets, Bloomberg.com, and Bloomberg's mobile platforms. Since 2015, John Micklethwait has served as editor-in-chief.
The agency was established in 1990 with a team of six people. Winkler was first editor-in-chief. In 2010, Bloomberg News included more than 2,300 editors and reporters in 72 countries and 146 news bureaus worldwide.
Bloomberg Business News was created to expand the services offered through the terminals. According to Matthew Winkler, then a writer for The Wall Street Journal, Michael Bloomberg telephoned him in November 1989 and asked, "What would it take to get into the news business?"
In his book, The Bloomberg Way, Winkler recalls a conversation with Bloomberg about a hypothetical ethical dilemma which could have arisen from Bloomberg's interest in creating a newspaper:
"You have just published a story that says the chairman—and I mean chairman—of your biggest customer has taken $5 million from the corporate till. He is with his secretary at a Rio de Janeiro resort, and the secretary's spurned boyfriend calls to tip you off. You get an independent verification that the story is true. Then the phone rings. The customer's public-relations person says, 'Kill the story or we will return all the terminals we currently rent from you.'"
"What would you do?" Winkler asked.
The publication was created to provide concise, timely financial news. As a new 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.
The creation of Bloomberg Business News required Winkler to open a Bloomberg office in Washington, D.C., 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. 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.
The initial goal of Bloomberg Business News to increase terminal sales was met by the mid-1990s and the company refocused the scope of its news service 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 was carried in the Sunday edition of 18 U.S. papers. In 1994, Bloomberg launched a 24-hour financial news service through Bloomberg Information Television, which was broadcast on DirecTV. Bloomberg also launched a web site to provide the audio feed of its radio broadcasts. Bloomberg Business News was renamed Bloomberg News in 1997.
In April 2014, Bloomberg News launched the Bloomberg Luxury lifestyle section of its paper. The section's content covers topics including travel, wine news, dining, auto news, gadgets, technology news, and more. It also highlights content from Bloomberg's quarterly lifestyle and luxury magazine, Pursuits.
In 2015, an internal memo written by editor-in-chief John Micklethwait was leaked to the public. This memo indicated an intent to refocus the agency to better target its core audience, "the clever customer who is short of time," and better achieve the goal of being "the definitive 'chronicle of capitalism.'" This change led to a reduction in reporting on general interest topics in favor of content related to business and economics.
In 2018, Micklethwait announced a new digital design for Bloomberg News. Bloomberg uses a metered paywall to charge visitors for content, limiting users to view 10 free articles per month with unlimited re-read option, and 30 minutes of Bloomberg Television watch per day with reset at local midnight time.
Michael Bloomberg presidential campaign
In November 2019, as Michael Bloomberg announced his presidential campaign, editor-in-chief John Micklethwait ordered his staff not to investigate their boss, nor any other Democratic candidates, while investigations into Donald Trump would continue, "as the government of the day". Subsequent reporting said Micklethwait was referring to a team of specialized investigative reporters, as opposed to the overall political team, but he would not elaborate or issue a public clarification despite newsroom staff wishing for him to do so. Investigative journalists and political reporters operate separately but reporting indicates this distinction would not be clear to the general public.
Following Bloomberg's announcement, the Houston Chronicle dropped Bloomberg as a source for the 2020 Presidential campaign, saying that "journalists should not choose targets based on their political affiliation." Former Bloomberg News DC Bureau Chief Megan Murphy also criticized the decision, saying it bars "talented reporters and editors from covering massive, crucial aspects of one of the defining elections of our time" and calling the decision to avoid coverage "not journalism". Responding to the controversy, Michael Bloomberg told CBS News: “We just have to learn to live with some things." He added that his reporters “get a paycheck. But with your paycheck comes some restrictions and responsibilities.”
Bloomberg suspended his campaign on March 4, 2020, the day after Super Tuesday.
One story in the series focused on the family wealth of Chinese leader Xi Jinping. Journalist and author Howard W. French reported in the May/June 2014 issue of the Columbia Journalism Review that prior to publication of the Xi story, high-level Bloomberg officials met with Chinese diplomats twice without informing the journalists who were working on the story.
The first meeting was between Winkler and Zhang Yesui, the Chinese ambassador to the United States. Zhang is said to have told Winkler, "If Bloomberg publishes this story, bad things will happen for Bloomberg in China. If Bloomberg does not publish the story, good things will happen for Bloomberg." The second meeting occurred shortly thereafter in New York and included Bloomberg Chairman Peter Grauer, the company's then Chief Executive Daniel Doctoroff, and an unnamed Chinese diplomat.
Around the time of the second meeting, during a lengthy conference call with Bloomberg reporters and editors, Doctoroff insisted on changes in the story that softened its impact by revising the language used to describe the Xi family's assets.
After the Xi story appeared, 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.
In 2014, Grauer told the staff at the Bloomberg Hong Kong bureau that the company's sales team had done a "heroic job" of mending relations with Chinese officials who had indicated their displeasure about the publication of the Xi revelations. He also warned that if Bloomberg "were to do anything like" the Xi story again, the company would "be straight back in the shit-box."
On October 29, 2013, during a conference call, 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.
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."
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.
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." 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." 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.
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. Forsythe was the lead writer on the Xi Jinping story. 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.
According to French, Bloomberg's handling of the episode "has tainted its corporate identity and journalism brand to a degree that could last for years."
Suspected fake news
On October 4, 2018, Bloomberg's businessweek magazine features an article written by Jordan Robertson and Michael Riley, claims they have evidences that US companies who are the clients of Super Micro Computer, experienced series of supply chain attacks. The article claims the subsidary of Super Micro Computer, Elemental Technologies, implanted a pencil tip size chip that allow the Chinese spy to gain access to the hardware on the motherboard they manufactured. The article quoted from a government official that Amazon and Apple were one of the victims of the supplychain attack. The stock price of Super Micro sinked by 40% on the date of the article released.
On October 9, 2018, VICE released an interview with people who familiar with the article, said that he mentioned the theoretical scenario to one of the authors of the article, Jordan Roberston more than a year before the controversy article released.
After the special coverage were featuring on Businessweek, Apple's CEO Tim Cook denied the claim in the article when he interviewed by Buzzfeed News. "This did not happen. There's no truth to this" Cook responded in the phone interview with Buzzfeed News. Apple also released a statement in their newsroom, states "We did not uncover any unusual vulnerabilities in the servers we purchased from Super Micro when we updated the firmware and software according to our standard procedures." DHS, GCHQ stands with Apple's claim.
Pinwest, a media company founded in Silicon Valley and now based in Beijing, found the tiny chip featuring in Businessweek's article turns out to be the balun which cost about 20 cents. Pinwest points out the size of the balun make it impossible to implement any form of attack as it doesn't capable of storing sizable command that allow hacker to open backdoor or infiltrate the hardware, and Businessweek underestimated the security standards that Apple and Amazon are holding.
Bloomberg claims the article was verified by its team and stands by the article. Yet no further evidence was provided to its readers, and have no intention to retract the article.
Vinci reporting fine
On December 16, 2019, France's financial markets watchdog, the Autorité des marchés financiers (AMF), fined Bloomberg €5,000,000 for a report based on a fake news release that triggered a plunge in the shares of French construction giant Vinci and wiped billions off its market value. The AMF said Bloomberg distributed "information that it should have known was false" and that Bloomberg did not respect journalistic ethics "as no verification of the information was undertaken before publication".
Bloomberg L.P. bought weekly business magazine Businessweek from McGraw-Hill in 2009. The company acquired the magazine to attract general business to its media audience composed primarily of terminal subscribers. Following the acquisition, Businessweek was renamed Bloomberg Businessweek. Bloomberg Businessweek became a part of Bloomberg News after the acquisition from Bloomberg L.P.
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. 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. Justin Smith 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.
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. 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. Ron Henkoff has served as editor of Bloomberg Markets since 1999 and Michael Dukmejian has served as the magazine's publisher since 2009.
Bloomberg Opinion, formerly Bloomberg View, is an editorial division of Bloomberg News which launched in May 2011, and provides content from columnists, authors and editors about current news issues. David Shipley, former op-ed page editor at The New York Times, is executive editor of the division.
Bloomberg Editor-in-Chief John Micklethwait admitted in an email to staffers that Michael Bloomberg controls the editorial output of the Opinion section, stating "our editorials have reflected his views".
This section needs to be updated.(February 2017)
Bloomberg Politics provides political coverage via digital, print and broadcast media. The multimedia venture, which debuted in October 2014, featured the daily television news program With All Due Respect, hosted by Bloomberg Politics Managing Editors Mark Halperin and John Heilemann. The program came to an end on December 2, 2016.
In 2016, Bloomberg Politics produced a documentary on the 2016 US presidential election called The Circus: Inside the Greatest Political Show on Earth.
- Jack W. Plunkett (2009). Plunkett's E-Commerce and Internet Business Almanac. Plunkett Research, Ltd. p. 209. ISBN 9781593921156.
- Julia Greenberg (September 2, 2015). "Bloomberg's Future Is the Future of News for Everyone". Wired. ISSN 1059-1028. Retrieved February 16, 2019.
- Paul Bodine (2004). Make It New: Essays in the History of American Business. Lincoln, Nebraska: iUniverse. pp. 180–190. ISBN 9780595309214. Retrieved March 15, 2013.
- "Bloomberg Solutions". Bloomberg News. Archived from the original on June 24, 2010. Retrieved May 14, 2013.
- "Cult of Bloomberg way underpinned by accuracy". The Australian. Retrieved October 26, 2011.
- "At A Glance". Bloomberg Press Room. Archived from the original on July 7, 2012. Retrieved March 18, 2013.
- "Bloomberg News editor-in-chief speaks about the economy and the presidential election". UNC School of Journalism and Mass Communication. Archived from the original on February 24, 2013. Retrieved March 18, 2013.
- Radcliffe, Damian (January 8, 2020). "In conversation with Matthew Winkler, Editor-in-Chief Emeritus and co-founder of Bloomberg News". Medium. Retrieved February 21, 2020.
- Matthew Winkler; Jennifer Sondag (2014). The Bloomberg Way. Hoboken, New Jersey: John Wiley & Sons, Inc. pp. xi–xii. ISBN 978-1-118-84226-3.
- Winkler, Matthew; Sondag, Jennifer (February 20, 2014). The Bloomberg Way: A Guide for Reporters and Editors. John Wiley & Sons. ISBN 978-1-118-84233-1.
- Michael Bloomberg (1997). Bloomberg by Bloomberg. New York: John Wiley & Sons, Inc. pp. 79–100. ISBN 0-471-15545-4.
- Group, Gale (2011). International Directory of Company Histories Vol. 126 (Casebound ed.). Farmington Hills, Michigan: St. James Press. ISBN 9781558628083.
- Carr, David (September 27, 2009). "To Cover World, CBS Joins With a News Site". The New York Times. ISSN 0362-4331. Retrieved February 21, 2020.
- "Bloomberg to Build Luxury Online". Women's Wear Daily. April 23, 2014.
- Benjamin Mullin (May 2, 2018). "Bloomberg's New Paywall Will Charge Users $35 a Month". The Wall Street Journal. ISSN 0099-9660. Retrieved February 16, 2019.
- "Bloomberg subscriptions". Bloomberg.com. Retrieved May 20, 2020.
- Hirsch, Lauren; Schwartz, Brian (November 24, 2019). "Bloomberg News will not investigate Mike Bloomberg or his Democratic rivals during primary". CNBC. Retrieved November 26, 2019.
- Grynbaum, Michael M. (February 17, 2020). "Bloomberg News's Dilemma: How to Cover a Boss Seeking the Presidency". The New York Times. ISSN 0362-4331. Retrieved February 27, 2020.
- Wise, Justin (December 12, 2019). "Houston Chronicle stops using Bloomberg News wire stories for campaign coverage". TheHill.
- Murphy, Megan (November 24, 2019). "It is truly staggering that *any* editor would put their name on a memo that bars an army of unbelievably talented reporters and editors from covering massive, crucial aspects of one of the defining elections of our time. Staggering".
- "Bloomberg: His news reporters need to accept restrictions". ABC News.
- "George Polk Awards". Long Island University. February 18, 2013. Retrieved January 26, 2018.
- "Revolution to Riches". Bloomberg News. Archived from the original on December 31, 2012. Retrieved July 13, 2014.
- "Xi Jinping Millionaire Relations Reveal Fortunes of Elite". Bloomberg News. June 29, 2012. Retrieved November 9, 2014.
- Howard W. French (May 1, 2014). "Bloomberg's Folly". Columbia Journalism Review. Retrieved December 7, 2014.
- Edward Wong; Christine Haughney (November 17, 2013). "Bloomberg News Suspends Reporter Whose Article on China Was Not Published". The New York Times. ISSN 0362-4331. Retrieved February 16, 2019.
- Edward Wong (November 8, 2013). "Bloomberg News Is Said to Curb Articles That Might Anger China". The New York Times. ISSN 0362-4331. Retrieved February 16, 2019.
- Folkenflik, David (April 14, 2020). "Bloomberg News Killed Investigation, Fired Reporter, Then Sought To Silence His Wife". NPR. Retrieved April 15, 2020.
- Ben Sisario (November 12, 2013). "Bloomberg Says News Service Did Not Kill Articles on China". The New York Times. ISSN 0362-4331. Retrieved February 16, 2019.
- James Fallows (March 25, 2014). "Another Bloomberg Editor Explains Why He Has Resigned, Over Its China Coverage". The Atlantic.
- Ravi Somaiya (March 24, 2014). "Editor Leaves Bloomberg, Citing China Coverage". The New York Times.
- Jim Romenesko (March 24, 2014). "Ben Richardson Quits Bloomberg News Over Handling of Investigative Piece". JimRomenesko.com. Archived from the original on June 2, 2014. Retrieved June 1, 2014.
- Edward Wong (November 8, 2013). "Animated Take on Bloomberg's Coverage of China". Sinosphere Blog. Retrieved February 16, 2019 – via The New York Times.
- "The Big Hack: How China Used a Tiny Chip to Infiltrate U.S. Companies". www.bloomberg.com. Retrieved May 21, 2022.
- "The China stealth hacking report just took a major hit — from one of the story's sources". www.vice.com. Retrieved May 21, 2022.
- "Apple CEO Tim Cook Is Calling For Bloomberg To Retract Its Chinese Spy Chip Story". www.buzzfeednews.com. Retrieved May 21, 2022.
- "What Businessweek got wrong about Apple". www.apple.com. Retrieved May 21, 2022.
- "GCHQ, the UK's equivalent of the NSA, says it believes Apple's denial of spy chip claim". www.9to5mac.com. Retrieved May 21, 2022.
- "Super Micro China super spy chip super scandal: US Homeland Security, UK spies back Amazon, Apple denials". www.theregister.com. Retrieved May 21, 2022.
- "彭博社曝光的"间谍芯片"，我在淘宝1块钱就能买一个". www.pingwest.com (in Chinese). Retrieved May 21, 2022.
- "Bloomberg stands by Chinese chip story as Apple, Amazon ratchet up denials". www.arstechnica.com. Retrieved May 21, 2022.
- "Fake news report costs Bloomberg $7.6m in fines". The Straits Times. December 17, 2019. Retrieved December 23, 2019.
- Stephanie Clifford; David Carr (October 13, 2009). "Bloomberg Buys BusinessWeek From McGraw-Hill". The New York Times. Retrieved March 18, 2013.
- Tom Lowry (October 13, 2009). "Bloomberg Wins Bidding For BusinessWeek". Bloomberg Businessweek. Retrieved March 18, 2013.
- "Bloomberg Businessweek". Businessweek.com. Archived from the original on January 28, 2015.
- "Bloomberg L.P. History". FundingUniverse. Retrieved March 19, 2013.
- Danny Hakim (September 18, 2000). "Bloomberg Unit To Announce A Cable Deal". The New York Times. Retrieved March 19, 2013.
- "Bloomberg: a cloud built for world domination". DatacenterDynamics. Archived from the original on November 14, 2012. Retrieved March 19, 2013.
- Ian Hall (January 17, 2003). "MEDIA: Bloomberg's mag to be launched in the UK high street". BrandRepublic. Retrieved March 19, 2013.
- "MEDIA: Bloomberg Strikes Again". AdWeek. Retrieved March 19, 2013.
- "MEDIA: Ronald Henkoff". Bloomberg Link. Archived from the original on December 1, 2012. Retrieved March 19, 2013.
- Angela Martin (June 24, 2009). "Michael Dukmejian Joins BLOOMBERG MARKETS Magazine As Publisher" (Press release). Reuters. Archived from the original on November 14, 2012. Retrieved March 19, 2013.
- "Bloomberg View reveals columnists, editorial board". Politico. Retrieved March 20, 2013.
- Michael Calderon (September 27, 2011). "James Rubin Leaves Bloomberg View Opinion Section". The Huffington Post. Retrieved March 20, 2013.
- "Bloomberg Announces First New Digital-Led, Multi-Platform Brand: Bloomberg Politics" (Press release). Bloomberg News. May 4, 2014. Archived from the original on May 6, 2014. Retrieved September 23, 2014.
- Joe Pompeo (August 4, 2014). "Mike Nizza named executive editor of Bloomberg's politics site". Capital New York. Archived from the original on September 9, 2014. Retrieved September 23, 2014.
- Hadas Gold (October 5, 2014). "Bloomberg Politics kicks off". Politico. Retrieved October 16, 2014.
- Kelsey Sutton; Hadas Gold; Joe Pompeo. "Bloomberg to end 'With All Due Respect' as company reorganizes Bloomberg Politics". Politico. Retrieved March 1, 2017.
- Sydney Ember (November 17, 2016). "Bloomberg to End Its Daily Politics Show". The New York Times. ISSN 0362-4331. Retrieved February 16, 2019.
- Brian Stelter (December 15, 2015). "Showtime creating weekly documentary series about 2016 election 'circus'". CNN Money. Retrieved January 26, 2018.