Tag Archives: Bloomberg
The Washington Post and Bloomberg have struck a wide-ranging partnership that will include a joint news service, a combined online page of business news and the transmission of Post stories on Bloomberg’s financial terminals, writes Howard Kurtz of The Post.
Kurtz writes, “The agreement, announced Thursday, is a more ambitious alliance than The Post’s news service with the Los Angeles Times, which was dropped Wednesday after 47 years. What has been dubbed The Washington Post News Service with Bloomberg News will compete among the existing 600 subscribers with the McClatchy-Tribune service, which will now include Times stories.
“‘We are two very complementary news organizations,’ Marcus Brauchli, The Post’s executive editor, said of the alliance with New York-based Bloomberg, founded by New York mayor, Michael Bloomberg. A key advantage, Brauchli said, is access to the high-income corporate executives and market traders who rely on Bloomberg terminals for real-time data. ‘For us, it’s 300,000 readers, many of whom we didn’t have before,’ Brauchli said.
“The partnership comes months after The Post, in one of a number of cost-cutting moves, folded its Business section into the newspaper’s main news section.
“‘There isn’t a whole lot of depth on our business page right now,’ Brauchli said. ‘We have focused on those areas that are central to our readers,’ ticking off coverage of regulatory agencies, tax policy, major economic and corporate trends, and local companies. ‘We don’t do a lot of close corporate coverage beyond our area,’ he said.”
Read more here.
At least four bidders for BusinessWeek have submitted revised bids this week, writes Tom Lowry of BusinessWeek.
Lowry writes, “Bankers frequently allow for revised bids in case potential buyers werenâ€™t fully prepared initially, or that the parties learn of new information during interim due diligence.
“Among those submitting revised bids were financial data giant Bloomberg LP, private equity firm Open Gate Capital, and investment firm ZelnickMedia LLC. At least one other bidder, which BusinessWeek was not able to identify, also submitted a bid. Spokespersons for Bloomberg, Open Gate and ZelnickMedia declined to comment. McGraw-Hill spokesman Steve Weiss declined to comment, other than to say: ‘We are pleased that the process, which will take some time to complete, continues to go well.’
“It is not clear what the bidders offered for the magazine, or whether offers exceeded what McGraw-Hill might be willing to absorb, if anything, in terms of liabilities, from possible severances to penalties for ending contracts early.
“Bloomberg appears to be the most aggressive in its pursuit of BusinessWeek. Norm Pearlstine, Bloombergâ€™s chief content officer, held discussions last week, in person and over the phone, with BusinessWeekâ€™s top editors. Among those Pearlstine spoke with were editor-in-chief Stephen Adler, executive editors Ellen Pollock and John Byrne, and managing editor Ciro Scotti. Topics discussed in those one-on-one sessions were wide-ranging, including the possibility of integrating Bloomberg Professional stories into the magazine and a willingness on Bloombergâ€™s part to add more editorial pages to the magazine. That suggests Bloomberg might be looking at tinkering with BusinessWeekâ€™s traditional 60-40 mix of editorial pages to ad pages.”
Read more here.
Das and MacMillan write, “A price for BusinessWeek could not be learned.
“McGraw-Hill considers Bloomberg, a privately held provider of news and financial data, as the best buyer for BusinessWeek because it could capitalize on the marriage of two brand names well known in financial circles, the sources said.
“They spoke on condition of anonymity because the sale process has not been made public.
“Bloomberg owns Bloomberg Markets, a financial news magazine that produces feature stories that often run much longer than the shorter pieces on the Bloomberg newswire.
“That magazine and BusinessWeek could be blended to make a title that would expand Bloomberg’s presence beyond its financial data clients and reach a mainstream online audience.”
Read more here.
David Kaplan of Fortune writes about the Charlie Rose show, which will begin appearing on Bloomberg Television later this fall, and its appearl to business news junkies.
Kaplan writes, “The show’s modest numbers belie its true reach. TV ratings over the past year, calculated city by city by Nielsen for Fortune, indicate his nightly viewership is probably well under a million. Over the past year in Washington, for example, his audience averaged but 7,000 a day. In New York City it was roughly 67,000 (compared, say, with Nightline’s 338,000 or Larry King Live’s 308,000).
“Nonetheless, few would dispute that it’s Rose’s show that carries the most influence. Nobody watches Charlie Rose except everybody you know.
“Last October, when Buffett wanted to reassure markets that the economy wasn’t going to hell, he chose to go on Charlie Rose for the hour. When Geithner went on in May — his second appearance of the spring — he made news by admitting that global monetary policy had helped produce the financial crisis.
“His predecessor at Treasury, Hank Paulson, went on last October to discuss the meltdown; days after 9/11, as the CEO of Goldman Sachs, he went on to soothe the financial community. ‘You get the time you need,’ he says. ‘But he can lure you and hit you right between the eyes — hard questions in a soft way.’”
Read more here. Rose already tapes his show at Bloomberg.
Kelly writes, “BusinessWeek Editor-in-Chief Steven Adler sent a ‘keep your chins up’ memo to staffers on Sunday, as hopeful staffers speculated that the McGraw-Hill Cos. board had met to accept an offer from Mike Bloomberg’s Bloomberg LP to purchase the struggling weekly.
“‘Thanks for continuing to do great work, week after week, despite all the uncertainty, distractions and frequently ridiculous rumors you’ve had to handle,’ Adler’s memo said.
“Late yesterday, a source said the board has yet to meet to consider the Bloomberg offer or any other offer. The board is not expected to meet in the next few days.”
Read more here.
TALKING BIZ NEWS EXCLUSIVE
Dwyer, who will start Oct. 5, also spent 20 years with BusinessWeek in its New York and Washington bureaus.
“I had a fantastic job at the New York Times, managing coverage of economics, health care, Congress and regulatory affairs out of the Washington bureau,” says Dwyer in an e-mail to Talking Biz News. “But the Times is not growing — it’s not shrinking like many newspapers but it’s barely holding even — and the upward mobility has all but stopped.”
Dwyer says she was attracted to Bloomberg’s Washington bureau because of Al Hunt, formerly of The Wall Street Journal, who is executive Washington editor.
“I haven’t started the new job yet, so I don’t have any plans for changes in coverage,” says Dwyer. “My job is supposed to be editing enterprise stories, so my hope is that I can work with the reporters and other editors to produce compelling, must-read stories that both explain Washington and make readers say ‘I didn’t know that.’”
Dwyer is the co-author, with former Securities and Exchange Commission chairman Arthur Levitt, of a book titled “Take on the Street: How to Fight for your Financial Future.” At the Times. she had also been deputy editor for enterpriseÂ on the business desk in NewÂ York.Â
Former BusinessWeek staffer Gary Weiss writes about why the weekly magazine should celebrate its 80th birthday.
Weiss writes, “It’s not too late, and I hope BW comes out with an 80th Anniversary issue. It has a tradition to be proud of, even if the magazine under its recent management has clearly lost touch with its readers, perhaps, as Bruce Nussbaum suggests, through misinterpretation of reader surveys. (Note the interesting dissent in the comments section of the item just linked.)
“There’s a practical reason for BW to do a bit of chest-beating. The magazine is for sale, and buyers need to be reminded that they’re not buying just any old print-web combo, but an American institution that once was a significant player in the national dialogue. It can be revived, in theory.
“As a practical matter, however, BW’s prospects are grim. It needs to find a sugar daddy ‘vanity buyer’ –that’s not happening — or a wealthy buyer who will twist the magazine/website to its will. That seems to be the most likely possibility, with Bloomberg bidding for Businesseek, and, as previously reported, Joe Mansueto apparently dropping out.
“That means it now seems likely that the nation’s biggest business magazine will be owned by Mike Bloomberg’s ever-growing information empire. Now, that’s not perdition. Bloomberg Markets magazine is a solid if stodgy property, and I’ve heard good things about its editor. One glimmer of hope, for sentimentalists, is that the point person for Bloomberg is Norm Pearlstine, veteran of the Wall Street Journal and Time, Inc.”
Read more here.
Kelly writes, “The media side of the company is believed to operate at a loss, but the hiring of high-profile execs like ex-Time Inc. editor-in-chief Norman Pearlstine as chief content officer and former NBC News president Andy Lack as CEO of Bloomberg’s multimedia group suggest the company wants to turn that business into a money maker.
“And so, according to sources, the debate inside Bloomberg is over how buying BusinessWeek would help to realize that goal — and how much investment is needed before the magazine is turned around.
“Meanwhile, the lack of an announcement days after BusinessWeek owner McGraw-Hill Cos. extended its bid deadline has spawned wild rumors that the deal will be simply a sale of the magazine’s trademarks and customer lists.
“Last week, Bloomberg Editor-in-Chief Matthew Winkler told the Bloomberg newsroom that a deal for BusinessWeek would provide a showcase for all the great journalism that Bloomberg people do.”
Read more here.
Marketwatch media columnist Jon Friedman writes Wednesday about Margaret Brennan, the new anchor at Bloomberg Television, which is trying to reinvent itself.
Friedman writes, “Bloomberg made an ideal hire in Brennan, who has the gravitas to give the network an identity. I’ll go so far as to say that if BTV ever became a household name, it would be because of Brennan. She has the ability to lift Bloomberg all by herself.
“‘Margaret is one of the smartest journalists working in the business today,’ Ratigan, host of ‘The Morning Meeting’ on MSNBC, told me. ‘I admire her poise and patience and clear desire to listen to her guests.’
“Brennan understands global financial news and looks comfortable conducting both impromptu and scheduled interviews. She can offer instant analysis when a big story breaks and always looks unruffled. But perhaps her key quality in TV news’ celebrity-driven culture is that she is very likable. She has a pleasing, relaxed broadcasting style.
“Brennan, who joined Bloomberg in July, fits in well with its no-frills, information-first culture. And I suspect that she is relieved to be free of CNBC’s culture of personalities. You won’t find her preening like Charles Gasparino, pounding the table like Jim Cramer or shrieking about the president like Rick Santelli.”
Read more here.
The Financial Times announced Tuesday that its Lex commentaryÂ will begin appearing on Bloomberg Television.
Lex columnists will appear on Bloomberg Television every weekday between 6:30 and 7:30Â a.m. EST to expand on commentary addressed in the dayâ€™s column, providing analysis on the biggest business and financial news. The featured segments will also appear on FT.com and the Bloomberg.com website.
Lex, the flagship daily opinion column on the back of the Financial Times, has an estimated daily readership of 1.3 million. First appearing in 1945, the columnÂ provides commentary onÂ business and financial topics ranging from individual companies to global economics. Lex columnists are based in New York, London, Tokyo and Hong Kong.
“The FTâ€™s goal is to bring the very best news and analysis to the worldâ€™s financial decision-makers across all platforms,” said John Ridding, chief executive officer of the Financial Times, in a statement. “This agreement with Bloomberg Television provides another channel and a quality audience for our premium commentary.”