Categories: OLD Media Moves

Looking to make Bloomberg's news operations profitable

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.”

Read more here.

Chris Roush

Chris Roush was the dean of the School of Communications at Quinnipiac University in Hamden, Connecticut. He was previously Walter E. Hussman Sr. Distinguished Professor in business journalism at UNC-Chapel Hill. He is a former business journalist for Bloomberg News, Businessweek, The Atlanta Journal-Constitution, The Tampa Tribune and the Sarasota Herald-Tribune. He is the author of the leading business reporting textbook "Show me the Money: Writing Business and Economics Stories for Mass Communication" and "Thinking Things Over," a biography of former Wall Street Journal editor Vermont Royster.