OLD Media Moves

Bloomberg restructures, to split off radio and TV

July 9, 2008

Bloomberg LP announced to its employees Wednesday morning that it’s splitting its radio and television operations off from its news operations.

In addition, the certificates that are used as bonuses for employees are being restructured, according to employees.

In terms of the radio and TV operations, employees tell Talking Biz News that it will be placed under a new manager, while editor in chief Matthew Winkler will still manage the news operation. The new manager has not been named. “That group will be free to expand independently, whatever that means,” said one editorial employee.

There was also a mention Wednesday of being open to acquisitions to expand.

In addition, CEO Lex Fenwick is moving to the newly formed Bloomberg Ventures, which will be an “idea shop,” according to one employee.

Lex FenwickBloomberg is also moving away from certs and have restructured bonuses to keep employees around longer. Certs are going to be worth less and will be supplemented with a merit-based cash bonus that will be awarded at the end of 2009 and paid in early 2010.Â

Bloomberg is projected to hit $10 billion in sales by 2013. When its hit the $10 billion mark, employees will get a bonus equal to 70 percent of their pay (averaged for five years). If Bloomberg hits the mark sooner, the percentage will be higher. If the company hits it later, it will be lower.

There’s also going to be career development and leadership training from human resources and “flexible work schedules” — quite a departure for the hard-driving Bloomberg newsroom.

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