Bloomberg Media to name new chief

Justin Smith, the president of Atlantic Media, will be named chief executive of the Bloomberg Media Group on Monday, reports David Carr of The New York Times.

Carr writes, “He will report to Daniel L. Doctoroff, chief executive of Bloomberg. Andrew Lack, who managed the media division for five years, will become chairman.

“After joining The Atlantic in 2007, Mr. Smith developed a reputation as an aggressive promoter of digital media who was able to reconfigure a 156-year-old magazine into a genuine multiplatform property.

“In a letter to the staff about Mr. Smith’s departure, David Bradley, the owner of Atlantic Media, credited Mr. Smith with bringing the company to profitability for the first time under his ownership; doubling revenue; and creating a number of successful digital start-ups, including The Atlantic Wire and Quartz.

“His quick results at the Atlantic Media Company drew the attention of executives at Bloomberg, who began talking to him at the end of last year.

“‘We know that every part of media is being disrupted by technology, and we need someone who understands that,’ Mr. Doctoroff said. ‘Justin can drive things forward here because he has an incredibly digital sensibility with a unique understanding of the confluence of journalism and multiple platforms.’

“The move will give Mr. Smith significant scale and a connection with Bloomberg’s lucrative terminal business, which produces revenue that allows the company to invest aggressively in media properties. The company has had success in moving from a linear television business to a more diverse model of video distribution, while the acquisition of Businessweek gave Bloomberg an editorial cachet it historically lacked.”

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