Bloomberg hires Google exec to run multimedia operations

Russell Adams of The Wall Street Journal reports that Ien Cheng, a director for product management at Google, is leaving the Internet giant to help run the multimedia arm of Bloomberg LP.

Adams writes, “In his new role as chief of staff for Bloomberg’s multimedia group, Mr. Cheng will oversee the financial-data provider’s television, radio, Web and mobile properties, he wrote in an email to friends and associates.

“Mr. Cheng’s hire signals a continuation of a broader effort by Bloomberg to reduce its reliance on sales of the financial-data ‘terminals’ that account for most of its revenue. The evaporation of thousands of financial-sector jobs in the past year has slowed terminal sales, prompting the company founded by New York City Mayor Michael Bloomberg to focus on making money on the large newsgathering operation that supplies the terminals with news, say people familiar with the situation. Last fall the company hired former Sony BMG Chairman and NBC News President Andrew Lack to run its multimedia business.

“Mr. Cheng, who was publisher and managing editor of the Financial Times’ Web site before joining Google about a year ago, will report to Mr. Lack. ‘This is an unexpected — and thrilling — opportunity for me to return to the news business and be at the heart of Bloomberg’s newly established ambitions to be a substantial player in consumer news,’ Mr. Cheng wrote in his email.”

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