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.
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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Does that mean the loss making TV and radio is no longer to be propped up by the profits of the news operation, and is now free to sink or swim, as the case may be.