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Bloomberg is a financial news and data company founded in 1981 and primarily owned by billionaire and New York City mayor Michael Bloomberg.
The vast majority of Bloomberg’s $7.6 billion in 2012 revenue — 82 percent, as of 2012 — are tied to its $20,000-per-year financial data terminals used by 315,000 subscribers as of 2013, but the company’s news division also has 2,400 editorial employees, more than The New York Times or The Wall Street Journal.
Bloomberg News provides business and financial news through a wire service and Bloomberg Markets magazine. In January 2010, Bloomberg began a partnership with the Washington Post News Service.
Bloomberg released a free iPad app modeled after its terminals. The company has considered charging as much as $1,000 per year to some of the content on its website.
After complaints by clients, Bloomberg News acknowledged in 2013 its journalists had long used its terminals to gather information on its users for reporting. The terminal use was part of a company-wide focus on data-gathering and internal “transparency” along with external secrecy.
Bloomberg’s social media guidelines, leaked in April 2011, encourage journalists to use Twitter but restrict the ways in which they can do so.
In January 2011, Bloomberg launched Bloomberg Government, or BGov, a website that covers business and politics for subscription fees of thousands of dollars a year. Four months later, it launched an online opinion section called Bloomberg View. In 2012, View had a staff of about 20 and 1.6 million monthly unique visitors. Bloomberg also re-launched its free politics page in 2012.
Bloomberg launched a venture capital fund called Bloomberg Beta in 2013 to invest in startups, including some that Bloomberg News covers.
Bloomberg Businessweek
Bloomberg bought the weekly magazine BusinessWeek in 2009 for $5 million from McGraw-Hill, which had owned the magazine since it was founded in 1929. The magazine had been losing money consistently and was rumored to be valued at nearly nothing before Bloomberg’s purchase. Bloomberg was reported in 2012 to be expected to lose $20 million on the magazine.
Bloomberg relaunched the magazine as Bloomberg Businessweek in April 2010 after cutting 100 of its 400 employees and merging its operation with the rest of Bloomberg News.
The magazine offers paid iPad subscriptions through Apple’s App Store, and has also added an iPhone version. As of April 2012, it had more than 100,000 iPad subscribers.
The Wall Street Journal is a daily financial newspaper that is based in New York and owned by Rupert Murdoch’s News Corp. The Journal is the largest U.S. newspaper, with more than 2.2 million in daily circulation as of 2012, 1.5 million of which comes from print. It has long been considered the nation’s top…
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