Bloomberg LP’s news division will lay off about 50 people, or about 2 percent of its newsroom, according to people familiar with the company’s plans, reports William Launder of The Wall Street Journal.
Launder writes, “Most of the cuts will come in coverage areas like sports and arts and entertainment, although a small portion will come in Bloomberg’s investigative-reporting unit, the people said.
“Separately, Bloomberg’s TV unit eliminated about 10 jobs last week, people familiar with the situation said.
“Bloomberg has 2,400 people in its newsroom and media group that includes TV, radio and digital journalists. Bloomberg, whose major business is selling financial data on terminals, employs 15,000 people globally.
“The market for financial data has experienced slower growth in recent years as big banks cut back on their head count, thereby reducing demand for new terminals, and as Europe’s economies struggle with a prolonged downturn.
“Bloomberg’s rival, Thomson Reuters, recently said it would cut 3,000 jobs. In its newsroom, the company is taking steps to eliminate around 5% of its staff, or approximately 140 positions. Thomson Reuters has warned of weaker demand from Wall Street and other financial clients.”
Read more here.
