Bloomberg restructures, to split off radio and TV
Bloomberg LP announced to its employees Wednesday morning that it’s splitting its radio and television operations off from its news operations.
In addition, the certificates that are used as bonuses for employees are being restructured, according to employees.
In terms of the radio and TV operations, employees tell Talking Biz News that it will be placed under a new manager, while editor in chief Matthew Winkler will still manage the news operation. The new manager has not been named.Â “That group will be free to expand independently, whatever that means,” said one editorial employee.
There was also a mention Wednesday of being open to acquisitions to expand.
Bloomberg is alsoÂ moving away from certs and have restructured bonuses to keepÂ employees around longer. Certs are going to be worth less and will be supplemented with a merit-based cash bonus that will be awarded at the end of 2009 and paid in early 2010.Â
Bloomberg is projected to hit $10 billion in sales by 2013. WhenÂ its hit the $10 billion mark,Â employees willÂ get a bonus equal to 70 percentÂ ofÂ their pay (averagedÂ forÂ five years). If BloombergÂ hits the mark sooner, the percentage will be higher. IfÂ the company hits it later, it will be lower.
There’s also going to be career development and leadership training fromÂ human resourcesÂ andÂ “flexible work schedules” — quite a departure for the hard-driving Bloomberg newsroom.