OLD Media Moves

Fear and anxiety at Bloomberg Television

November 19, 2013

Posted by Chris Roush

Peter Lauria of BuzzFeed writes Tuesday about the review currently being undertaken at Bloomberg Television by top executives.

Lauria writes, “According to sources, Smith, who last month embarked on a 100-day strategic review of Bloomberg’s operations, has had little direct communication with the TV staff as a whole. While Smith set up his office across from Lack’s among the TV staff — allowing for frequent ‘floor walks’ — sources said that aside from a weekly staff note and a lone appearance on a recent daily TV editorial meeting a few weeks ago where he talked up the importance of linear television to Bloomberg’s future, Smith has not addressed the staff en masse. Sources said about 30 executives from the TV group have been enlisted to advise Smith during his strategic review.

“‘To me that indicates that layoffs are coming,’ said a second Bloomberg source. ‘He doesn’t want to rub elbows with any of us too quickly.’

“Already, rumors are swirling among producers and booking agents of a ‘massive round of layoffs’ before the end of the year. Some evidence has already emerged to suggest the rumor isn’t crazy — in addition to the 34 layoffs announced Monday, just last week the company said it would close the unit that produced 60-second market reports for 200 TV stations across the country, though it is looking to reassign rather than lay off its 10 employees.

“‘We are communicating incrementally and trying to be as transparent as possible. When thinking about something anew, it will inevitably cause some anxiety and concern,’ Smith said in an interview with Buzzfeed. He declined to comment directly on the possibility of layoffs, however.”

Read more here.

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