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Bloomberg Quicktake

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Bloomberg L.P.
Company typePrivate limited partnership
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)
Websitebloomberg.com

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

The firm delivers a suite of financial software solutions and corporate applications, including analytics and an equity trading platform. It provides data services and news primarily to financial institutions through the Bloomberg Terminal (also known as Bloomberg Professional Service), which constitutes its main source of revenue. Beyond this, Bloomberg L.P. operates a news agency (Bloomberg News), a worldwide television channel (Bloomberg Television), various websites, radio outlets (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 and employed close to 20,000 people. Its annual revenue was reported to be around US$10 billion.

History

Following the acquisition of Salomon Brothers in 1981, Michael Bloomberg, then a general partner at the firm, received a $10 million partnership payout. Utilizing these funds, he founded 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. Merrill Lynch became the inaugural client by purchasing 20 terminals and acquiring a 30% ownership share for $30 million, accompanied by an exclusive five-year marketing agreement that expired in 1984.

In 1986, IMS transitioned to Bloomberg L.P., adopting the structure of a limited partnership. The company launched Bloomberg News in 1990 with editor-in-chief Matthew Winkler. In 1993, Bloomberg.com was unveiled as an online financial portal offering market information and news.

By late 1996, Bloomberg reacquired one-third of Merrill Lynch’s shares for $200 million, valuing the firm at $2 billion. During the financial crisis in 2008, Merrill Lynch divested its remaining 20% stake back to Bloomberg Inc. for $4.43 billion, placing Bloomberg L.P.’s valuation near $22.5 billion.

Remaining under private ownership predominantly controlled by Michael Bloomberg, the company saw leadership changes when Bloomberg resigned as CEO to pursue the New York mayoral race in 2001, appointing Lex Fenwick as his successor. In 2012, Peter Grauer assumed the role of chairman. Fenwick led Bloomberg Ventures starting in 2008; meanwhile, former deputy mayor Daniel Doctoroff served as president and CEO until his departure in September 2014. Michael Bloomberg returned to the CEO position following Doctoroff’s exit.

In May 2022, Bloomberg announced its expansion into the UK market with the launch of Bloomberg UK as part of its global growth initiatives. This included launching a dedicated website, video content series, podcasts, events, and increased regional recruitment efforts. Leadership updates in August 2023 saw Chief Product Officer Vladimir Kliatchko promoted to CEO and COO Jean-Paul Zammitt elevated to President. Mark Carney replaced Peter Grauer as board chairperson, with former board members transitioning to "Emeritus Status."

Chairs over the years

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

Chief executive officers

  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 portfolio by acquiring entities such as the radio station WNEW, the magazine BusinessWeek, the research company New Energy Finance, the Bureau of National Affairs, and the financial software firm Bloomberg PolarLake. On July 9, 2014, it purchased RTS Realtime Systems to improve its low-latency connectivity and trading infrastructure. Later, on August 13, 2019, Bloomberg expanded its regulatory reporting and data management capabilities by acquiring RegTek.Solutions.

Most recently, on March 13, 2023, Bloomberg agreed to acquire Broadway Technology, a leader in high-performance trading platforms and fixed income solutions.

Bloomberg Radio (previously WNEW)

In 1992, Bloomberg L.P. acquired New York’s WNEW radio station for $13.5 million, transforming it into an all-news broadcast under the name Bloomberg Radio, with call letters updated to WBBR.

Bloomberg Businessweek (formerly BusinessWeek)

In 2009, Bloomberg L.P. purchased the weekly business publication BusinessWeek from McGraw-Hill. This move aimed to broaden its media reach beyond terminal users amid challenges in advertising revenue and circulation declines. The magazine was subsequently rebranded as Bloomberg Businessweek. Joel Weber was named editor in 2018.

New Energy Finance

Bloomberg L.P. acquired UK-based New Energy Finance in 2009, a firm specializing in energy investment data and carbon market research. Founded by Michael Liebreich in 2004, the company provided insights and analysis on clean energy and carbon markets. Renamed Bloomberg New Energy Finance (BNEF), it strengthened Bloomberg’s role as a leading resource for low-carbon energy initiatives. Liebreich led as CEO until 2014 before becoming chairman of the advisory board.

Since then, BloombergNEF has expanded its coverage to include renewable energy, advanced transportation, digital industry sectors, innovative materials, sustainability efforts, and commodities markets. With analysts located across six continents, BNEF produces over 700 research reports annually offering forecasts, analytical tools, and comprehensive global energy sector insights.

Bureau of National Affairs (BNA)

In August 2011, Bloomberg L.P. acquired Arlington-based Bureau of National Affairs for $990 million to bolster its Bloomberg Government and Bloomberg Law offerings. BNA provides specialized print and online news tailored for business and government professionals with more than 350 publications covering topics such as corporate law, labor regulations, employee benefits, environmental issues, healthcare, intellectual property rights, litigation, taxation, and accounting.

Bloomberg PolarLake

In May 2012, Bloomberg L.P. expanded its capabilities by acquiring PolarLake, a software company based in Dublin, and subsequently introduced an enterprise data management platform designed to assist organizations in handling and distributing data internally.

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 business was rebranded as Bloomberg Index Services Limited.

Bloomberg sports analysis

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

CityLab

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

Bloomberg Professional Services

In 2011, revenue generated by Bloomberg Professional Services—commonly referred to as the Bloomberg Terminal—accounted for over 85% of Bloomberg L.P.’s yearly income. Priced from $24,000 per user annually, this proprietary system allows clients to track and analyze live financial data, access news updates, receive price quotations, and communicate through the Bloomberg Messaging Service. It serves both public and private markets worldwide.

Bloomberg News

Established in 1990 by Michael Bloomberg and Matthew Winkler, Bloomberg News was created to deliver financial news specifically for Bloomberg Terminal subscribers. By the year 2000, the organization employed more than 2,300 journalists and editors across 100 countries. Its content is disseminated through multiple channels including the Bloomberg Terminal, Bloomberg Television, Bloomberg Radio, Bloomberg Businessweek, Bloomberg Markets magazine, and Bloomberg.com. Since 2015, John Micklethwait has held the position of editor-in-chief.

Bloomberg Television

Bloomberg Television, a division of Bloomberg News, operates as a 24-hour financial news channel launched in 1994 initially as a subscription-based service through satellite provider DirecTV, broadcasting 13 hours daily at inception. It succeeded the defunct Financial News Network channel and onboarded numerous former FNN employees. By 2000, the channel had expanded into cable television distribution, reaching an audience of approximately 200 million households. The CEO of Bloomberg Multimedia Group—responsible for overseeing Bloomberg Radio, Television, and digital media—is Justin B. Smith.

Bloomberg Markets

Bloomberg Markets, introduced in 1992 as a monthly publication, offers comprehensive coverage of international financial markets tailored for finance professionals. The magazine underwent a redesign in 2010 aimed at appealing to a broader readership beyond just Bloomberg Terminal users. Since 2009, Michael Dukmejian has served as its publisher.

Bloomberg Pursuits

Bloomberg Pursuits was a luxury magazine published every two months and distributed both to Bloomberg Terminal subscribers and newsstands. Although its print edition ended in 2016, it continues to exist as a digital publication along with a television program under the same brand name.

Bloomberg Entity Exchange

Introduced on May 25, 2016, Bloomberg Entity Exchange is a secure, centralized, web-based platform designed to facilitate compliance with Know Your Customer (KYC) requirements. It serves a diverse range of participants including buy-side and sell-side firms, corporations, insurance companies, banks, and brokers.

Bloomberg Government

Established in 2011, Bloomberg Government is an online service that delivers comprehensive news coverage and analysis related to politics, legislative activities, and regulatory matters.

Bloomberg Law

Since its launch in 2009, Bloomberg L.P.'s Bloomberg Law has offered a subscription service that provides immediate access to legal research resources such as law dockets, filings, analyst insights, and relevant business news.

Bloomberg Opinion

Originally named Bloomberg View and launched in May 2011, Bloomberg Opinion functions as Bloomberg News' editorial branch, offering complimentary opinion articles authored by columnists and editors. David Shipley, who previously served as Op-Ed editor at The New York Times, holds the position of executive editor.

Bloomberg Tradebook

Bloomberg Tradebook is an electronic agency brokerage platform supporting trading in equities, futures, options, and foreign exchange. Its offerings for buy-side clients include trading algorithms, analytical tools, and market intelligence. For sell-side participants, it provides access to electronic trading networks and global execution capabilities. Founded in 1996 as a Bloomberg L.P. affiliate, it caters primarily to institutional investors by delivering advanced trading technologies.

Bloomberg Beta

Formed in 2013 with an initial $75 million technology venture fund, Bloomberg Beta is a venture capital firm financed by Bloomberg L.P. It focuses on investing in startups that align with Bloomberg’s strategic interests but operates solely with the objective of generating financial returns. The firm is based in San Francisco and concentrates on innovative technology enterprises.

Bloomberg Innovation Index

The Bloomberg Innovation Index is an annual ranking that evaluates countries based on various innovation indicators such as R&D investment, manufacturing strength, presence of high-tech firms, higher education levels, research workforce size, and patent activity. It compiles data from sources including the World Bank, IMF, WIPO, USPTO, OECD, and UNESCO to assess global innovation performance.

Open Bloomberg

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

Bloomberg Live

Bloomberg Live organizes conferences aimed at professionals within the business sector.

Bloomberg Quicktake

Quicktake—originally launched as TicToc—is Bloomberg’s social media brand that began on Twitter before expanding to platforms such as Facebook, Instagram, YouTube, and Amazon Alexa. It also features on digital displays located in airports throughout the United States and Canada. Managed by a team of approximately 70 employees across New York, London, and Hong Kong, Quicktake was rebranded in December 2019 to prevent confusion with TikTok. The branding later evolved by removing camel case styling and repositioning "Bloomberg" ahead of "Quicktake," though the two terms do not always appear jointly.

Bloomberg New Economy Forum

The Bloomberg New Economy Forum is an exclusive gathering that invites senior business leaders, government representatives, and scholars. The first event took place in Singapore in 2018, followed by a session in Beijing in 2019, a virtual edition in 2020, and subsequent returns to Singapore in both 2021 and 2022.

This forum's network comprises influential figures from both the public and private sectors worldwide. Its founding partners include prominent companies such as 3M, ADNOC, Dangote Group, ExxonMobil, FedEx, HSBC, Hyundai Motor Company, Mastercard, Microsoft, and SoftBank Group.

In 2021, Bloomberg introduced the New Economy Catalysts initiative to showcase innovators driving significant global change.

Bloomberg Línea

Bloomberg Línea was established in 2021 to cater to Spanish-, Portuguese-, and English-speaking Latino communities.

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 the Bloomberg Professional App.

Locations

Bloomberg L.P.’s main headquarters is situated at 731 Lexington Avenue (Bloomberg Tower) in Midtown Manhattan, New York City. By 2011, the company occupied nearly 900,000 square feet within the tower’s lower floors. Additional office space in New York comprises approximately 400,000 square feet at 120 Park Avenue and around 924,876 square feet at 919 Third Avenue. Globally, Bloomberg operates offices in 167 cities, with its European headquarters located in Bloomberg London.

Corporate culture

The office design at Bloomberg L.P. emphasizes a flat organizational structure—executives do not have private offices. Every employee works at uniform white desks equipped with customized Bloomberg terminals. Overhead flat-screen monitors continuously present news updates, market statistics, weather information, and customer service performance metrics.

Leadership

The Management Committee of Bloomberg L.P. includes key figures such as 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 alongside two Bloomberg executives, as well as vendors and subcontractors engaged in interior construction projects at Bloomberg’s offices—including its headquarters at 731 Lexington Avenue. In July 2020, Michael Campana, who managed Bloomberg construction projects, was sentenced to two years imprisonment for tax evasion related to accepting bribes totaling $420,000. These bribes took various forms including cash payments, personal property services, 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 on more than $1.45 million received through bribes exceeding $5.1 million from subcontractors awarded contracts for Bloomberg projects. In January 2021, he received a prison sentence of three years and two months.

Olszewski v. Bloomberg L.P.

In 1996, Mary Ann Olszewski, a former sales representative at Bloomberg L.P., filed a lawsuit claiming she was drugged and sexually assaulted by her supervisor Bryan Lewis. She alleged she was dismissed shortly after reporting the incident in 1995. The suit accused the company of attempting to undermine her credibility by labeling her as "flirtatious" while male employees allegedly engaged in "sexual degradation of women." It also asserted that no effective measures were taken to stop ongoing harassment under Michael Bloomberg’s leadership. Michael Bloomberg testified that he was aware of the accusation and had offered to transfer Olszewski but questioned the validity of her claims due to absence of independent witnesses.

The case was dismissed in 1999 after Olszewski’s attorney missed procedural deadlines; it briefly reopened in 2000 but then ceased appearing in court records by 2001.

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

In 1997, Sekiko Sakai Garrison, a former sales executive, initiated legal action against Bloomberg and its parent company, accusing them of sexual harassment and wrongful dismissal. She asserted that after revealing her pregnancy, Bloomberg instructed her to "Kill it!" and made derogatory comments about pregnant staff. Additionally, Garrison alleged that Bloomberg directed inappropriate remarks toward female sales personnel and criticized a female employee facing childcare challenges.

Bloomberg L.P. refrained from admitting fault but resolved the dispute through an out-of-court settlement in 2000.

EEOC v. Bloomberg L.P.

The EEOC launched a class-action lawsuit against Bloomberg L.P. in September 2007, representing over 80 female employees who claimed discrimination linked to maternity leave. In August 2011, federal Judge Loretta A. Preska of the United States District Court for the Southern District of New York dismissed the lawsuit due to lack of sufficient evidence.[1]

Two years later, in September 2013, Judge Preska dismissed another EEOC case involving 29 pregnant employees at Bloomberg, rejecting most allegations but allowing a portion of one claim to continue.[2]

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

Bloomberg L.P. filed suit against the Board of Governors of the Federal Reserve System seeking disclosure of information regarding its 2008 bailout lending initiatives under the Emergency Economic Stabilization Act of 2008. The litigation uncovered details about loan amounts, beneficiaries, and collateral provided.[3] Bloomberg prevailed both at trial and on appeal in the Second Circuit Court in March 2010. Following an appeal to the Supreme Court by major U.S. banks, the decision requiring disclosure was affirmed in March 2011.[4]

Bloomberg L.P. v. Bloomberg Ltd

On October 22, 2008, Bloomberg L.P. pursued 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 mandated that Bloomberg Ltd alter its name to prevent confusion with the goodwill associated with Bloomberg Finance Three L.P., also ordering payment of legal costs.

Nafeesa Syeed v. Bloomberg L.P.

In August 2020, Nafeesa Syeed, a former national security and Middle East correspondent at Bloomberg L.P., filed a lawsuit alleging gender and ethnic discrimination as a South Asian-American woman. A related complaint from a former female sales employee was submitted under a pseudonym. Both actions are managed by the same legal firm.

Fossil fuel advertising

An investigative report by the Intercept, the Nation, and DeSmog identified Bloomberg L.P. as a prominent media platform running advertisements for the fossil fuel sector. Journalists covering climate change at Bloomberg News voiced concerns that these financial connections could compromise their editorial integrity and diminish public understanding of the ongoing climate crisis.

2024 Russian prisoner exchange

During the course of the 2024 Russian prisoner exchange, Bloomberg News breached a news embargo by disclosing details originating from the White House. This action drew criticism from other media organizations, such as the Wall Street Journal, which condemned Bloomberg for potentially jeopardizing the exchange and for prioritizing editorial pride in being the first to report the story.

See also

External links

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