Bloomberg News
| Formerly | Bloomberg Business News (1990–1997) |
|---|---|
| Company type | Division |
| Industry | News agency |
| Founded | 1990 |
| Founders | Michael Bloomberg Matthew Winkler |
| Headquarters | Bloomberg Tower, 731 Lexington Avenue, Manhattan, New York City Bloomberg London (London and Europe) Marina Bay Financial Centre, Singapore (Asia–Pacific) Pacific Place Jakarta, Sudirman Central Business District, Jakarta (Asia–Pacific) |
Key people | John Micklethwait (editor-in-chief) |
Number of employees | 2,300 |
| Parent | Bloomberg L.P. |
| Website | www |
Bloomberg News—initially known as Bloomberg Business News—is a global news agency based in New York City and operates as a division of Bloomberg L.P.. Its journalism is disseminated through various channels including Bloomberg Terminals, Bloomberg Television, Bloomberg Radio, Bloomberg Businessweek, Bloomberg Markets, Bloomberg.com, and mobile applications. Since 2015, the role of editor-in-chief has been held by John Micklethwait.
History
Established in 1990 by Michael Bloomberg along with journalist Matthew Winkler, Bloomberg News was originally created to supply financial news content exclusively to Bloomberg Terminal users. Starting with a modest team of six and Winkler as its inaugural editor-in-chief, the organization expanded significantly by 2010, employing more than 2,300 editors and reporters across 72 countries with 146 global bureaus.
Early Years (1990–1995)
The inception of Bloomberg Business News was aimed at augmenting the offerings available on Bloomberg Terminals. In November 1989, Michael Bloomberg reached out to Matthew Winkler—then a reporter for The Wall Street Journal—to discuss launching a news division.
In his book The Bloomberg Way, Winkler recounts a pivotal discussion with Bloomberg about the ethical challenges related to reporting negative information about a key client. Bloomberg prioritized editorial independence and insisted on publishing the story despite potential commercial consequences.
This exchange solidified Winkler’s dedication to developing Bloomberg’s news operation. The mission was to provide succinct and timely financial reporting that would enhance the Bloomberg brand, drive Terminal subscriptions, and reduce dependence on Dow Jones News Services.
To cover the intersection of politics and business, Winkler established a Bloomberg bureau in Washington, D.C. Gaining accreditation from the Standing Committee of Correspondents required Bloomberg News to supply free terminals to major newspapers in exchange for access to their news space. During this phase, the company broadened its reach by launching a television station in New York, acquiring radio station WNEW, producing weekday business shows for PBS, and opening offices in both Hong Kong and Frankfurt, Germany.
Growth Period (1995–2000)
By the mid-1990s, Bloomberg Business News had fulfilled its initial objective of increasing Terminal sales and began focusing on competing with established media firms such as Reuters and Dow Jones in terms of profitability. This shift led to the introduction of Bloomberg Personal magazine in 1995, which was distributed as a supplement in Sunday editions of 18 newspapers across the United States. In 1994, Bloomberg launched a round-the-clock financial news service via Bloomberg Information Television on DirecTV, complemented by an online platform streaming its radio content. The service was rebranded as Bloomberg News in 1997.
2000–2014
In 2009, Bloomberg News joined forces with The Washington Post to introduce a worldwide economic and political news platform titled The Washington Post News Service with Bloomberg News. By April 2014, Bloomberg broadened its reach into lifestyle sectors by unveiling the Bloomberg Luxury segment, which featured content on travel, wine, dining, automobiles, gadgets, and technology. This initiative complemented its quarterly luxury publication, Pursuits.
Business in China
In 2012, Bloomberg News released an investigative series named "Revolution to Riches," which uncovered the financial status of China's ruling elite and earned the George Polk Award for International Reporting. Among the significant revelations was the disclosure of Chinese leader Xi Jinping's family wealth. Before the story's release, Bloomberg executives engaged with Chinese diplomatic representatives but did not notify their journalists. The Chinese ambassador to the United States reportedly warned of consequences for Bloomberg’s operations in China should the piece be published. Despite these pressures, then-CEO Daniel Doctoroff and editor-in-chief Matthew Winkler endorsed its release, although with reduced intensity.
After publication, the Chinese authorities directed state-owned companies to cancel Bloomberg subscriptions, blocked access to its website within China, and imposed visa restrictions on journalists. In 2013, Bloomberg ceased investigations into financial connections between affluent Chinese businessmen and families of senior officials; several planned reports concerning children of top officials employed by foreign banks were also abandoned. This sequence of events prompted at least five journalists and editors to depart amid accusations of internal censorship and legal intimidation targeting reporters discussing these matters.
While senior editors such as Matthew Winkler denied suppressing stories, anonymous staff members contradicted this narrative; one insider recounted Winkler stating that publishing would lead to expulsion from China. Founder Michael Bloomberg disavowed involvement, citing his recusal during his mayoral service.
By 2015, Bloomberg endeavored to rebuild relationships with Chinese authorities; visa issuance for reporters resumed. Chairman Peter Grauer commended sales efforts in repairing ties but cautioned that repeating such investigative journalism could threaten the company's presence in China. The management of this controversy attracted widespread criticism for undermining Bloomberg’s corporate reputation and journalistic integrity.
2015 refocus
In 2015, editor-in-chief John Micklethwait circulated a leaked memo emphasizing a strategic shift toward Bloomberg's primary audience: "the clever customer who is short of time." The objective was to reinforce Bloomberg as "the definitive 'chronicle of capitalism,'" redirecting editorial focus from broad-interest subjects toward business and economic coverage.
2018 redesign and paywall
In 2018, Micklethwait introduced a redesigned digital platform along with a metered paywall for Bloomberg News. Readers are entitled to 10 complimentary articles monthly with unlimited re-access, plus 30 minutes daily of Bloomberg Television content, with allowances resetting at local midnight.
That same year, Bloomberg Businessweek published an exposé alleging that the Chinese government had infiltrated American corporations such as Apple Inc. and Amazon through covert integrated circuit tampering. Both companies vehemently denied these claims, supported by statements from the U.S. Department of Homeland Security and the U.K.’s National Cyber Security Centre. Bloomberg reaffirmed its assertions in a 2021 follow-up report.
In 2016, Bloomberg erroneously issued a fabricated news release alleging accounting irregularities at French construction giant Vinci SA. This caused Vinci’s stock price to plunge nearly 18% briefly before rebounding. In 2019, France's financial market regulator imposed a €5 million fine on Bloomberg for this mistake; this penalty was later reduced to €3 million upon appeal in 2021.
Michael Bloomberg's Presidential Bid
When Michael Bloomberg announced his run for president in November 2019, editor-in-chief John Micklethwait instructed the newsroom to refrain from probing Bloomberg or other Democratic contenders, while continuing investigations into the sitting administration under Donald Trump. Micklethwait later explained that this directive applied specifically to a dedicated investigative unit, though this nuance was not clearly communicated to the public.
In the wake of the campaign launch, the Houston Chronicle ceased relying on Bloomberg News for coverage of the 2020 election, citing concerns about journalistic neutrality. Megan Murphy, former DC Bureau Chief at Bloomberg News, criticized this move, asserting it hindered comprehensive election reporting and conflicted with core journalistic values. Bloomberg responded by emphasizing that reporters must accept certain employment-related limitations.
Bloomberg ended his campaign on March 4, 2020, shortly after Super Tuesday.
2024 Russian Prisoner Swap
During the 2024 Russian prisoner exchange, Bloomberg News broke a news embargo by releasing White House information prematurely. This action drew criticism from other media outlets like the Wall Street Journal, which condemned Bloomberg for potentially jeopardizing the exchange and for an editor’s apparent pride in being first to publish the story.
Bloomberg Businessweek
In 2009, Bloomberg L.P. purchased the weekly business publication Businessweek from McGraw-Hill to extend its media reach beyond terminal subscribers. Following acquisition, it was rebranded as Bloomberg Businessweek and incorporated into Bloomberg News operations.
Bloomberg Television
Established in 1994 as a subscription-based financial news channel on satellite provider DirecTV, Bloomberg Television later expanded to cable in 1995 and reached an audience of 200 million households by 2000. Justin Smith is CEO of Bloomberg Media Group, overseeing television, radio, and digital media divisions.
Bloomberg Markets
Originally launched in July 1992 under the title Bloomberg: A Magazine for Bloomberg Users, Bloomberg Markets was a monthly publication distributed exclusively to Bloomberg Professional Service subscribers. It offered global financial news alongside terminal usage insights. The magazine underwent redesign in 2010 to appeal to a broader audience beyond terminal users. Ron Henkoff has been editor since 1999, with Michael Dukmejian serving as publisher since 2009.
Bloomberg Opinion
Launched in May 2011 as Bloomberg View and later renamed Bloomberg Opinion, this editorial branch of Bloomberg News features perspectives from columnists and editors on contemporary issues. Timothy L. O'Brien, formerly of The New York Times, holds the position of senior executive editor.
Editor-in-Chief John Micklethwait has acknowledged that Michael Bloomberg exerts influence over the editorial direction of Bloomberg Opinion, noting "our editorials have reflected his views." In 2017, Bloomberg reportedly considered shutting down Bloomberg View after hedge fund billionaire John Paulson objected to a critical piece regarding his Harvard donation; although the closure was reversed, the columnist involved faced disciplinary action.
Bloomberg Politics
Bloomberg Politics offers comprehensive political reporting through various platforms including digital, print, and broadcast channels. Established in October 2014, it was known for the daily television show With All Due Respect, which was co-hosted by Managing Editors Mark Halperin and John Heilemann. This show concluded its run on December 2, 2016.
In 2016, Bloomberg Politics also produced the documentary The Circus: Inside the Greatest Political Show on Earth, which examined the 2016 United States presidential election.
By 2024, Bloomberg Politics provides coverage of political developments throughout the Americas, the United Kingdom, Europe, Asia, and the Middle East. Its U.S. politics segment primarily concentrates on domestic affairs and American foreign relations.
External links
- Bloomberg News – official site (subscription required)
- Hoover's Bloomberg L.P. Company profile