Bloomberg News is laying off about 100 editorial staffers
Bloomberg News is laying of approximately 100 editorial staffers, reports Steven Perlberg of Business Insider.
Perlberg reports, “Two sources told Insider that they were bracing for about 100 editorial cuts. The layoffs were said to have included editors and were believed to be concentrated in Europe.
“A Bloomberg Media spokesperson declined to comment.
“The layoffs come amid a subscription boom at Bloomberg Media, a separate arm from Bloomberg News that does sales and leverages news content on digital and through syndication and which has expanded its consumer revenue in recent years. The subscription business is on track to bring in at least $100 million in revenue this year and is expected to grow to about 400,000 subscribers this year from 250,000 in 2020, Axios reported.
“But the organization also has one of the biggest newsrooms in the world, with 2,700 staffers as of late 2019.”
Read more here. A Bloomberg spokeswoman declined to comment to Talking Biz News, which has reached out to the staffers it has heard have lost jobs.