Bloomberg L.P., the data and news service that has been rumored to be for sale for nearly a decade, will not be sold, according to a quarterly video address to company employees by Bloomberg L.P. Chairman Peter T. Grauer. Potential buyers have approached its majority owner.
Grauer read the following message from Mike Bloomberg, the mayor of New York and founder of the company:
“I’ve said many times that my next career will be in philanthropy. While I have recently been approached by potential buyers of Bloomberg L.P., I have decided not to sell the Company at this time.
“Although there will come a day (I hope later rather than sooner) when I or my estate will have to sell, I have complete confidence that the best days for the company still lie ahead. New products, new markets, new services are constantly being created by the one of the most dynamic groups of people ever assembled. I couldn’t be prouder to be a part of this group whose exciting growth and contribution to commerce are the envy of the world.
“Over the next few years, I plan to share the results of our success with deserving causes through my foundation. Hopefully we can impact public health, the arts, education and other areas of society in the same way we’ve improved the dissemination of news to open financial markets for all.”
Bloomberg’s media operations include the global Bloomberg News service with more than 2,000 journalists in 126 bureaus worldwide; Bloomberg Television, a 24-hour business and financial network produced and distributed worldwide on 10 separate channels in seven languages; and Bloomberg Radio services, which provide news on XM, Sirius and WorldSpace satellite radio around the world and on WBBR 1130AM in New York. In addition, Bloomberg publishes Bloomberg Markets magazine and Bloomberg Press books for investment professionals.
