Keith Kelly of the New York Post writes Monday about what’s going on at Bloomberg L.P., including a plan to make its news operations a money maker.
Kelly writes, “Going forward the company wants to do something it’s never done: turn its media businesses, which include Bloomberg Businessweek, Bloomberg Markets magazine, plus Bloomberg TV, radio and the Internet — which collectively have for decades been living off the terminal business’ phenomenal profits — as much as 85 percent of overall revenue — into solidly profitable businesses on their own.
“‘We want to and will have our media properties stand on their own financially,’ said Dan Doctoroff, the former Deputy Mayor of Planning and Economic Development, who became the CEO of Bloomberg L.P. in Janaury 2008, just in time for the Great Recession.
“‘Media was initially conceived as marketing for the terminals, but we don’t see it that way anymore,’ Doctoroff added.
“While virtually every other business tied to Wall Street or media has cut back drastically as markets imploded over the past two years, Bloomberg has been expanding.”
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