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Bloomberg L.P.

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Bloomberg L.P.
Company typePrivate
IndustryFinancial services, software, media
Founded1981; 45 years ago (1981)
FounderMichael Bloomberg, Thomas Secunda, Duncan MacMillan, Charles Zegar
Headquarters
New York City
,
United States
Area served
Worldwide
Key people
Vladimir Kliatchko (CEO), Jean-Paul Zammitt (President), Mark Carney (Chairman)
ProductsBloomberg Terminal, Bloomberg News, Bloomberg Television, Bloomberg Radio, Bloomberg Businessweek, Bloomberg Markets
Number of employees
20,000 (2019)
Websitewww.bloomberg.com

Bloomberg L.P. is a privately owned American company specializing in financial services, software, data provision, and media, headquartered in Midtown Manhattan, New York City. It was established in 1981 by Michael Bloomberg together with Thomas Secunda, Duncan MacMillan, and Charles Zegar. Initially, Bank of America held a 12% stake through its brokerage arm, Merrill Lynch.

The firm offers a range of financial software and enterprise solutions including analytics, an equity trading platform, data services, and news distribution primarily through the Bloomberg Terminal (also known as Bloomberg Professional Service), which serves as its main source of revenue. Additionally, Bloomberg L.P. manages a news agency (Bloomberg News), an international television channel (Bloomberg Television), multiple websites, radio broadcasts (Bloomberg Radio), subscription-based newsletters, and publishes two magazines: Bloomberg Businessweek and Bloomberg Markets.

By 2019, Bloomberg L.P. had expanded to 176 offices globally, employing close to 20,000 people and generating around US$10 billion in yearly revenue.

History

Following the acquisition of Salomon Brothers in 1981, Michael Bloomberg, then a general partner, received a $10 million settlement from his partnership.[1] He invested this capital to create Innovative Market Systems (IMS), which developed a computerized platform providing real-time market data and financial analytics tailored for Wall Street clients. The Market Master terminal—later renamed the Bloomberg Terminal—was introduced in December 1982.[2] Merrill Lynch was the inaugural customer, purchasing 20 terminals along with acquiring a 30% ownership for $30 million; an initial five-year marketing restriction was lifted in 1984.[3]

IMS rebranded as Bloomberg L.P. in 1986.Cite error: The opening <ref> tag is malformed or has a bad name The launch of Bloomberg News occurred in 1990 under editor-in-chief Matthew Winkler.Cite error: The opening <ref> tag is malformed or has a bad name In 1993, Bloomberg.com was introduced as a financial portal offering market information and news.[4]

By late 1996, Bloomberg repurchased one-third of Merrill Lynch’s shares for $200 million, placing the company’s valuation at $2 billion.Cite error: The opening <ref> tag is malformed or has a bad name During the financial crisis of 2008, Merrill Lynch divested its remaining 20% stake back to Bloomberg Inc. for $4.43 billion, valuing Bloomberg L.P. at roughly $22.5 billion.[5][6]

The company remains privately owned with Michael Bloomberg holding the majority share.[5] When Bloomberg ran for New York City Mayor in 2001, he resigned as CEO and appointed Lex Fenwick as his replacement.[7] Peter Grauer assumed the role of chairman in 2012.[8] In 2008, Fenwick oversaw Bloomberg Ventures while former deputy mayor Daniel Doctoroff served as president and CEO until September 2014.[9]Cite error: The opening <ref> tag is malformed or has a bad name Michael Bloomberg returned to the CEO position in 2014.[10]

In May 2022, Bloomberg announced the creation of Bloomberg UK as part of its global expansion strategy, launching an independent website along with video content, podcasts, events, and regional staffing.Cite error: The opening <ref> tag is malformed or has a bad name Leadership transitions in August 2023 appointed Chief Product Officer Vladimir Kliatchko as CEO and COO Jean-Paul Zammitt as President. Mark Carney succeeded Peter Grauer as chairman of the board; previous board members were granted "Emeritus Status".Cite error: The opening <ref> tag is malformed or has a bad name

Chairs over time

  1. Michael Bloomberg (1981–2001)
  2. Peter Grauer (2001–2023)
  3. Mark Carney (2023–present)

Chief executives through the years

  1. Michael Bloomberg (1981–2001, 2014–2023)
  2. Alexius "Lex" Fenwick (2001–2008)
  3. Daniel Doctoroff (2008–2014)
  4. Michael Bloomberg (2014–2023)
  5. Vladimir Kliatchko (2023–present)

Acquisitions

Bloomberg L.P. has grown its footprint by acquiring various companies such as the radio station WNEW, the magazine BusinessWeek, research firm New Energy Finance, the Bureau of National Affairs, and financial software provider Bloomberg PolarLake. On July 9, 2014, the company purchased RTS Realtime Systems, enhancing its capabilities in low-latency connectivity and trading support. Later, on August 13, 2019, Bloomberg expanded its regulatory reporting and data management solutions by acquiring RegTek.Solutions.

In March 2023, Bloomberg agreed to acquire Broadway Technology, a firm specializing in high-performance trading platforms and fixed income technology solutions.

Bloomberg Radio (formerly WNEW)

In 1992, Bloomberg L.P. acquired New York's WNEW radio station for $13.5 million and transformed it into an all-news outlet under the name Bloomberg Radio, changing its call sign to WBBR.

Bloomberg Businessweek (formerly BusinessWeek)

Bloomberg L.P. purchased BusinessWeek from McGraw-Hill in 2009 with the goal of broadening its media influence beyond terminal users amid the magazine’s shrinking advertising revenues and circulation. The publication was subsequently renamed Bloomberg Businessweek. Joel Weber was appointed editor in 2018, strengthening the magazine’s concentration on business journalism and analysis.

New Energy Finance

In 2009, Bloomberg L.P. acquired New Energy Finance, a UK-based data company focused on energy investments and carbon market research. Established by Michael Liebreich in 2004, this firm provided news, data, and analysis related to carbon and clean energy sectors. The acquisition established Bloomberg as a vital resource for advancing low-carbon energy initiatives. Renamed Bloomberg New Energy Finance (BNEF), Liebreich served as CEO until 2014 before becoming chairman of the advisory board.

BloombergNEF has since broadened its research scope to cover renewable energy, advanced transportation, digital industries, innovative materials, sustainability efforts, and commodities. It delivers research reports, long-term outlooks, analytical tools, and comprehensive global analysis across energy and associated fields. With analysts distributed across six continents, BNEF produces more than 700 research publications annually.

Bureau of National Affairs (BNA)

In August 2011, Bloomberg L.P. acquired the Arlington-based Bureau of National Affairs for $990 million to strengthen its Bloomberg Government and Bloomberg Law services. BNA issues over 350 specialized news publications aimed at professionals in business and government sectors covering topics such as corporate law, employee benefits, labor regulations, environmental issues, health and safety standards, healthcare policy, human resources, intellectual property rights, litigation matters, as well as tax and accounting fields.

Bloomberg PolarLake

In May 2012, Bloomberg L.P. acquired PolarLake, a software company based in Dublin, and introduced an enterprise data management solution designed to assist businesses in obtaining, organizing, and distributing data throughout their organizations.

Barclays indices business

On December 16, 2015, Barclays reached an agreement to sell its index division, Barclays Risk Analytics and Index Solutions Ltd (BRAIS), to Bloomberg L.P. for £520 million (approximately $787 million). Following the acquisition, the unit was rebranded as Bloomberg Index Services Limited.

Bloomberg sports analysis

In September 2014, Bloomberg divested its sports analytics segment to the data company STATS LLC (now known as Stats Perform) for a reported sum between $15 million and $20 million.

CityLab

On December 10, 2019, Bloomberg Media revealed plans to acquire CityLab, the news platform from The Atlantic that concentrates on topics such as transportation, environment, equity, lifestyle, and design. This acquisition represented Bloomberg's first purchase of an editorial property in more than ten years.

Bloomberg Professional Services

In 2011, revenue from Bloomberg Professional Services—commonly referred to as the Bloomberg Terminal—accounted for over 85% of Bloomberg L.P.'s total annual income. This proprietary platform, with a starting price of $24,000 per user per year, provides subscribers with access to real-time financial information, news updates, pricing data, and communication tools. The Terminal supports coverage of both public and private markets worldwide.

Bloomberg News

Bloomberg News was established in 1990 by Michael Bloomberg and Matthew Winkler to deliver financial news content tailored for users of the Bloomberg Terminal. By the year 2000, the organization employed more than 2,300 journalists operating in over 100 countries. Its reporting is disseminated through the Terminal as well as Bloomberg Television, Radio, Bloomberg Businessweek, Bloomberg Markets magazine, and Bloomberg.com. Since 2015, John Micklethwait has held the position of editor-in-chief.

Bloomberg Television

Launched in 1994 as a subscription-based channel via satellite provider DirecTV, Bloomberg Television operates as a 24-hour financial news network within Bloomberg News. Initially broadcasting for 13 hours daily and replacing the defunct Financial News Network, it recruited numerous former FNN employees. By 2000, the channel expanded its reach to cable networks covering approximately 200 million households globally. Justin B. Smith serves as CEO of Bloomberg Multimedia Group, overseeing operations across Bloomberg Radio, Television, and digital platforms.

Bloomberg Markets

Established in 1992, Bloomberg Markets is a monthly publication offering comprehensive analysis of global financial markets aimed at professional audiences. The magazine underwent a redesign in 2010 to appeal to readers beyond those using the Bloomberg Terminal. Since 2009, Michael Dukmejian has been serving as its publisher.

Bloomberg Pursuits

Bloomberg Pursuits was a luxury-focused bimonthly magazine distributed both to Bloomberg Terminal subscribers and through newsstands until it discontinued its print edition in 2016. The brand continues to exist digitally and is also featured as a program on Bloomberg Television.

Bloomberg Entity Exchange

Introduced on May 25, 2016, Bloomberg Entity Exchange is a secure web-based platform that centralizes Know Your Customer (KYC) compliance processes for buy-side firms, sell-side firms, corporations, insurance companies, banks, and brokers.

Bloomberg Government

Established in 2011, Bloomberg Government is a digital platform that provides comprehensive news and insights on political affairs, legislative progress, and regulatory developments.

Bloomberg Law

Since its launch in 2009, Bloomberg Law has been a subscription-based service delivering up-to-the-minute legal research, including court dockets, legal filings, expert analyses from Bloomberg's legal team, and business-related news.

Bloomberg Opinion

Bloomberg Opinion, previously known as Bloomberg View, functions as the editorial branch of Bloomberg News and was inaugurated in May 2011. It offers complimentary opinion articles authored by columnists and editors addressing current events. David Shipley, who formerly edited the Op-Ed page at The New York Times, holds the position of executive editor.

Bloomberg Tradebook

Bloomberg Tradebook operates as an electronic agency broker facilitating trades in equities, futures, options, and foreign exchange markets. Its "buyside" offerings include trading algorithms, analytical tools, and market intelligence, whereas the "sellside" provides access to electronic trading platforms and worldwide trading capabilities. Founded in 1996 as a Bloomberg L.P. affiliate, it caters to institutional investors seeking sophisticated execution services.

Bloomberg Beta

Bloomberg Beta is a venture capital firm backed by Bloomberg L.P., established in 2013 with an initial fund of $75 million. The firm concentrates on investments that align with Bloomberg L.P.’s interests but pursues them solely for financial gain. Based in San Francisco, Bloomberg Beta targets early-stage technology startups.

Bloomberg Innovation Index

The Bloomberg Innovation Index offers an annual ranking of nations based on various innovation metrics such as research and development expenditure, manufacturing output, presence of high-tech firms, higher education attainment, research workforce size, and patent activity. Drawing data from sources like the World Bank, IMF, and WIPO, this index delivers valuable insights into global innovation patterns pertinent to business strategies and investment choices.

Open Bloomberg

Bloomberg has made its symbology system (Bloomberg Open Symbology, BSYM) along with its financial data API (Bloomberg Programming API, BLPAPI) available under open licenses.

Bloomberg Live

Bloomberg Live organizes conferences designed specifically for professionals in the business sector.

Bloomberg Quicktake

Quicktake (initially known as TicToc) represents Bloomberg’s social media presence, originally launched on Twitter before expanding to platforms including Facebook, Instagram, YouTube, and Amazon Alexa. It is also featured on digital displays at airports throughout the United States and Canada. Operated by a team of 70 employees across New York, London, and Hong Kong, the brand was renamed in December 2019 to distinguish itself from TikTok. Subsequently, branding shifted to emphasize "Bloomberg" before "Quicktake," although both names are not always used simultaneously.

Bloomberg New Economy Forum

The Bloomberg New Economy Forum is an exclusive gathering for top executives from business, government leaders, and scholars. It was first held in Singapore in 2018, relocated to Beijing in 2019, transitioned to a virtual format in 2020, and returned to Singapore for the events in 2021 and 2022.

This forum brings together influential figures from both public and private sectors worldwide. Founding partners include major corporations such as 3M, ADNOC, Dangote Group, ExxonMobil, FedEx, HSBC, Hyundai Motor Company, Mastercard, Microsoft, and SoftBank.

In 2021, Bloomberg initiated the New Economy Catalysts program aimed at recognizing innovators making significant global contributions.

Bloomberg Línea

Bloomberg Línea was introduced in 2021 as a collaborative initiative aimed at Spanish, Portuguese, and English-speaking audiences across Latin America.

Bloomberg Intelligence

Bloomberg Intelligence (BI) serves as Bloomberg's research arm, delivering comprehensive data and analytical insights on international markets exclusively through the Bloomberg Terminal and Bloomberg Professional App.

Locations

The main headquarters of Bloomberg L.P. is situated at 731 Lexington Avenue (Bloomberg Tower) in Midtown Manhattan, New York City. By 2011, the company occupied approximately 900,000 square feet at this location. Additional office spaces in New York include 400,000 square feet at 120 Park Avenue and 924,876 square feet at 919 Third Avenue. Globally, Bloomberg operates from 167 offices, with its European base located in Bloomberg London.

Corporate culture

Bloomberg L.P. fosters a flat organizational environment where executives do not have private offices. Employees share uniform white desks outfitted with specialized Bloomberg terminals. The work areas are equipped with overhead flat-panel displays showing news updates, market statistics, weather information, and customer service performance indicators.

Leadership

The Management Committee of Bloomberg L.P. is composed of Michael Bloomberg, Peter Grauer, and Thomas Secunda.

Turner Construction and Bloomberg LP construction scandal

Between 2010 and 2017, a "pay-to-play" corruption scheme involved two executives from Turner Construction along with two Bloomberg executives, vendors, and subcontractors linked to interior construction projects at Bloomberg offices, including the headquarters at 731 Lexington Avenue. In July 2020, Michael Campana, Bloomberg’s construction manager, was sentenced to two years’ imprisonment for tax evasion related to accepting $420,000 in bribes. These illicit payments included cash, personal property renovations, Super Bowl tickets, and wedding expenses.

On September 29, 2020, Anthony Guzzone—who served as Bloomberg’s Director of Global Construction from 2010 to 2017—pled guilty to tax evasion concerning over $1.45 million received in bribery from subcontractors awarded Bloomberg contracts. Guzzone accepted bribes totaling more than $5.1 million and was sentenced in January 2021 to three years and two months behind bars.

Olszewski v. Bloomberg L.P.

In 1996, Mary Ann Olszewski, a former sales representative at Bloomberg L.P., filed a lawsuit alleging she was drugged and sexually assaulted by her supervisor Bryan Lewis. She claimed she was dismissed shortly after reporting the incident in 1995. The suit also accused the company of conducting an internal investigation that sought to undermine her credibility. Olszewski further alleged a culture of "sexual degradation of women" among male employees and asserted that no measures were taken to halt ongoing harassment by Michael Bloomberg. During testimony, Bloomberg acknowledged awareness of the allegation and offered to transfer Olszewski to another sales division but questioned the claim due to absence of an impartial witness.

The lawsuit was dismissed in 1999 after Olszewski’s attorney failed to meet court deadlines; it briefly reopened in 2000 before disappearing from court records in 2001.

Sekiko Sakai Garrison v. Michael Bloomberg and Bloomberg L.P.

In 1997, Sekiko Sakai Garrison, a former sales executive, initiated legal action accusing Bloomberg of sexual harassment and wrongful dismissal. She alleged that upon revealing her pregnancy, Bloomberg told her to "Kill it!" and made comments about the number of pregnant employees or those on maternity leave within the company. After reporting the incident to management, she was advised to "forget it," followed by termination.

The complaint also included assertions that Bloomberg made inappropriate comments about female staff and criticized a woman facing childcare challenges. Bloomberg L.P. resolved the matter through an out-of-court settlement in 2000 without admitting any fault.

EEOC v. Bloomberg L.P.

In September 2007, the EEOC launched a class-action lawsuit against Bloomberg L.P., representing over 80 women who alleged discrimination related to maternity leave. By August 2011, Judge Loretta A. Preska dismissed the case due to the EEOC's failure to provide sufficient evidence.

Later, in September 2013, Preska dismissed most claims in another EEOC lawsuit involving 29 pregnant employees at Bloomberg but permitted a portion of one plaintiff’s allegations to advance.

Bloomberg L.P. v. Board of Governors of the Federal Reserve

Bloomberg L.P. filed suit against the Board of Governors seeking disclosure of information about its 2008 bailout lending programs authorized under the Emergency Economic Stabilization Act of 2008. This litigation uncovered details such as loan amounts, recipients, and collateral pledged by financial institutions.

The company prevailed both at trial and on appeal before the Second Circuit Court in March 2010. Although major U.S. banks petitioned the Supreme Court of the United States, the Supreme Court upheld the decision in March 2011, requiring transparency regarding Federal Reserve emergency loans.

Bloomberg L.P. v. Bloomberg Ltd

On October 22, 2008, Bloomberg L.P. sought a name change for Bloomberg Ltd under section 69(1)(b) of the Companies Act 2006. Subsequently, Bloomberg L.P. rebranded itself as Bloomberg Finance Three L.P. On May 11, 2009, the Company Names Tribunal ordered Bloomberg Ltd to alter its name to prevent confusion with Bloomberg Finance Three L.P., also mandating payment of costs.

Nafeesa Syeed v. Bloomberg L.P.

In August 2020, Nafeesa Syeed, formerly a national security and Middle East correspondent at Bloomberg L.P., filed discrimination claims citing gender and ethnic bias as a South Asian-American woman. A related complaint by a former sales employee was submitted under a pseudonym; Bloomberg attempted to uncover her identity. Both cases are handled by the same legal representation.

Fossil fuel advertising

An investigation conducted by the Intercept, the Nation, and DeSmog identified Bloomberg L.P. as a significant platform for advertising from the fossil fuel sector. Journalists reporting on climate change within Bloomberg News voiced concerns that these advertising ties could generate conflicts of interest, potentially compromising their journalistic integrity and weakening public trust regarding coverage of the climate crisis.

2024 Russian prisoner swap

Amid the ongoing 2024 Russian prisoner exchange, Bloomberg News breached a news embargo by disclosing details originating from the White House. This action drew criticism from outlets such as the Wall Street Journal, which condemned Bloomberg for potentially jeopardizing the success of the exchange and for an editor’s apparent pride in having broken the story first.

See also

External links

  1. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named auto
  2. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Fast Company
  3. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Make It New
  4. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named National Arbitration Forum
  5. ↑ 5.0 5.1 Cite error: Invalid <ref> tag; no text was provided for refs named The New York Times
  6. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named reuters.com
  7. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Leadership – Lex Fenwick
  8. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Bloomberg
  9. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named mediadecoder.blogs.nytimes.com
  10. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Financial Times
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