Categories: OLD Media Moves

Merrill Lynch close to selling stake in Bloomberg News parent

The New York Post reports that Merrill Lynch & Co. has closer to selling its 20 percent stake in Bloomberg LP, and the buyer isÂ the blind trust of Michael Bloomberg.

Mark DeCambre and Zachary Kouwe write, “Details about the terms of a sale remain sketchy, and sources warned that a deal could still fall apart. However, the two sides are in active negotiations, sources said.

“A spokeswoman at Merrill declined to comment, and calls to the Mayor’s office were directed to Bloomberg, where a spokeswoman also declined to comment.

“Merrill also is said to be working out ways to sell its 49-percent share in asset-management firm BlackRock, as well as other moves to shore up its balance sheet.

“When Bloomberg became mayor in 2002, he put his 68 percent stake in Bloomberg LP into a blind trust. He also gave up running the company.”

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Marc A says:
July 6, 2008 at 3:15 pm
I am afraid that even with the asset sales and due to the huge potential write downs in the future, MER will still be losing money in the short term.