Bloomberg combines consumer media operations into one unit

Bloomberg L.P. announced Tuesday that it has formed the Bloomberg Media Group, an operation that combines Bloomberg’s television, print, radio, mobile and digital media properties.

Under the new structure, the business operations of Bloomberg Businessweek, Bloomberg Markets magazine, Bloomberg Television, Bloomberg Radio, Bloomberg.com and Bloomberg Mobile will join together as one unit.

The company’s core news service, Bloomberg News, is not included in the new unit. Its primary customers are Wall Street traders, analysts and investors.

“Today we’re taking the next step in transforming Bloomberg into a media powerhouse,” said Dan Doctoroff, president of Bloomberg L.P., in a statement. “At the core of our business model is the belief that it starts with great content. Today, by bringing all our consumer businesses under one roof, we’re creating a more seamless way to bring that content to market and allow advertisers to engage with our audience.”

Paul Bascobert, president of Bloomberg Businessweek, has been named head of business operations for the Bloomberg Media Group. Bascobert, who will continue to serve as president of Bloomberg Businessweek, will report to Bloomberg Media Group CEO Andy Lack.

“This is an exciting time to announce the formation of the Bloomberg Media Group and to synthesize all the business units of Bloomberg’s many consumer-facing platforms,” said Lack in a statement. “By operating under one umbrella, we can better leverage our resources, drive deeper engagement with our readers and viewers, and provide the best solutions for advertisers.”