| Type | Limited partnership |
|---|---|
| Industry | Mass media |
| Founded | October 1, 1981[1] |
| Founder(s) | Michael R. Bloomberg Thomas Secunda Duncan MacMillan Charles Zegar[2] |
| Headquarters | Bloomberg Tower Midtown Manhattan New York City, USA |
| Number of locations | 200 offices (June 2010)[3] |
| Key people | Peter Grauer (Chairman) Dan Doctoroff (President & CEO) |
| Products | Broadcasting, publishing, radio |
| Revenue | |
| Owner(s) | Michael R. Bloomberg (88%)[5] |
| Employees | 15,000 (2011)[3] |
| Website | Bloomberg.com |
Bloomberg L.P. is a multinational mass media limited partnership based in New York City. Bloomberg makes up one third of the $16 billion global financial data market,[6] with estimated revenue of $7.6 billion in 2011.[7] Bloomberg L.P. was founded by Michael R. Bloomberg with the help of Thomas Secunda, Duncan MacMillan, and Charles Zegar in 1981 and a 30% ownership investment by Merrill Lynch.[8] The company provides financial software tools such as analytics and equity trading platform, data services and news to financial companies and organizations around the world through the Bloomberg Terminal (via its Bloomberg Professional Service),[9] its core money-generating product. Many customers use only a small fraction of the machine's 30,146 functions.[10] Bloomberg L.P. has grown to include a global news service, including television, radio, the Internet and printed publications.
Its current headquarters are located at the Bloomberg Tower, in Midtown Manhattan, New York City. The building is also known as One Beacon Court for the lighted rectangular beacon that caps the tower and the paved courtyard at the ground level.[11]
Bloomberg L.P. was formed as a Delaware Limited Partnership in 1981 and has been in business since 1983. Michael Bloomberg owns 88% of the partnership. Bloomberg's core business is leasing terminals to subscribers. It also runs Bloomberg Television, a financial television network, Bloomberg News, a news agency, and the business radio station WBBR in New York City. There are currently over 300,000 Bloomberg Terminal subscribers worldwide. Its competitors include SNL Financial, Interactive Data Corporation, Thomson Reuters, S&P Capital IQ, Dow Jones Newswires, FactSet, Dealogic, and smaller companies such as New York Financial Press. In late 1996 Bloomberg bought back one-third of Merrill Lynch's 30 percent stake in his company for $200 million[12] valuing the company at $2 billion. In July 2008, Merrill Lynch agreed to sell its 20% stake in the firm back to Bloomberg, for a reported $4.43 billion, valuing the firm at approximately $22.5 billion.[13][14]
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In 1981, Salomon Brothers was acquired, and Michael Bloomberg, a general partner, was given a $10 million partnership settlement.[15] Using this money, Bloomberg went on to set up a company named Innovative Market Systems. In 1982, Merrill Lynch became the new company's first customer, installing 22 Market Master terminals and investing $30 million in the company.[16][17][18] In 1986, the company was renamed Bloomberg L.P. and by 1988, 5000 terminals had been installed.[19] Within a few years, ancillary products including Bloomberg Tradebook (a trading platform), the Bloomberg Messaging Service, and the Bloomberg newswire were launched.
In addition to its financial services offerings, Bloomberg launched its news services division in 1990. Bloomberg.com was first established on September 29, 1993 as a financial portal with information of markets, currency conversion, news and events, and Bloomberg Terminal subscriptions. Bloomberg Television (originally known as Bloomberg Business News) has over 2,000 employees and 145 bureaus around the world, producing more than 5,000 stories daily.[20] It now provides information to approximately 350 newspapers and magazines worldwide, including The Economist, The New York Times and USA Today.[21]
To run for the position of Mayor of New York against Democrat Mark Green in 2001, Mike Bloomberg gave up his position of CEO at Bloomberg and appointed Lex Fenwick as CEO in his stead.[22] Daniel Doctoroff, former deputy mayor in the Bloomberg administration, now serves as president.[23] Peter Grauer is the chairman. In 2008, Fenwick became the CEO of Bloomberg Ventures, a new venture capital division.
In September 2007, the Equal Employment Opportunity Commission filed a class-action lawsuit on behalf of more than 80 female employees, who argue Bloomberg L.P. engaged in a pattern of discrimination against pregnant women who took maternity leave.[24] The suit alleges that 'Michael Bloomberg is responsible for the creation of the systemic, top-down culture of discrimination' at the company.[24] A Bloomberg L.P. spokeswoman said: 'We are confident that once all the facts come out they will demonstrate that the claims have no merit.'[24]
Bloomberg News was the subject of an investigative feature by Vanity Fair in December 2008.[25]
In 2009, Bloomberg acquired BusinessWeek, a consumer oriented business magazine and Web property, from McGraw-Hill;[26] and New Energy Finance, now called Bloomberg New Energy Finance, a data company focused on energy investment and carbon markets research based in the U.K.[27] The same year, The New York Times covered Bloomberg's growth and aspirations in a full-length media section feature.[28]
Bloomberg Professional Service and Gerson Lehrman Group issued a press release on July 8, 2010, indicating the former's clients would be given exclusive access to 50,000+ GLG Council Member business experts globally.
On September 30, 2011, Bloomberg L.P. completed its acquisition of Bureau of National Affairs for about $990 million.[29]
In May 2012, Bloomberg acquired Dublin-based software provider PolarLake and is launching a new enterprise data management (EDM) service to help companies acquire, manage and distribute data across their organizations.[30]
Bloomberg New Energy Finance is a specialist provider of financial information and research to the renewable energy technology sector and its investors worldwide.[31]
As of July 2010, members of the board of directors of Bloomberg include Peter Grauer, Daniel Doctoroff, Thomas Secunda, Arthur Levitt, Jane Bryant Quinn, Frank Savage, Richard DeScherer, and Hugh Lowenstein.[32]
November 7, 2008, Bloomberg L.P. News brought a lawsuit (Bloomberg L.P. v. Board of Governors of the Federal Reserve System) against the Board of Governors of the Federal Reserve System to force the Board to reveal the identities of firms for which it has provided guarantees during the Late-2000s financial crisis.[33] Bloomberg, L.P. won at the trial court and the Fed's appeals were rejected at both the United States Court of Appeals for the Second Circuit and the U.S. Supreme Court. The data[34] was released March 31, 2011.[35]
On May 10, 2013, the New York Post reported that Goldman Sachs had complained after learning that Bloomberg was using certain customer information from the Bloomberg Terminal to report news. In one example, a reporter mentioned that a Goldman employee had not logged onto their terminal recently.[36]
On May 13, 2013, Matthew Winkler, editor-in-chief of Bloomberg News, apologized. He noted that the "complaints go to practices that are almost as old as Bloomberg News", but that the policies had been changed so "reporters now have no greater access to information than our customers have". Winkler said that the information reporters could access did not include "specific security information".[37]
On May 17, 2013, Bloomberg named former IBM Chairman and CEO Samuel J. Palmisano as an independent adviser on the company’s privacy and data standards. Bloomberg also said Clark Hoyt, the Editor-At-Large of Bloomberg News and formerly the public editor of the New York Times, will review the relationship between Bloomberg News and the company’s commercial operations.[38]
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