Tag Archives: Bloomberg
Andrea Gabor, a longtime Baruch College journalism professor, has been named the Bloomberg Professor of Business Journalism.
The endowed professorship was established with a gift from Bloomberg LP in 2001. Gabor is the second holder of the chair. Former BusinessWeek and New York Times business journalist Sarah Bartlett, now with CUNY Graduate School of Journalism, was the first.
Gabor is the author of three books, most recently “The Capitalist Philosophers.” A former staff writer and editor at U.S. News & World Report and Business Week, she has written for The New York Times, The Los Angeles Times, Smithsonian Magazine, The Harvard Business Review, Fortune, Strategy + Business, Treasury and Risk Management, Research Technology Management, Lear’s and Working Woman.
She is also the author of “The Man Who Discovered Quality: How W. Edwards Deming Brought the Quality Revolution to America” and “Einstein’s Wife: Work and Marriage in the Lives of Five Great Twentieth Century Women.”
In addition to teaching at Baruch, Gabor was an adjunct professor for eight years at Columbia University’s Graduate School of Journalism, helping teach Critical Issues in International Economics.Â At Columbia, she remains a judge for applicants to the Knight-Bagehot Fellowship Program in Business and Economics.Â
Her main areas of interest and expertise are biography, management, the workplace and international and local economic issues.Â
CNBC.comÂ ranks as the No. 1 business/financial news site (non-portal) in June, according to the latest Comscore pageviewÂ rankings. CNBC.com was also ranked No. 1 in average minutes per visitor in Comscore.
In June, Comscore reported that CNBC.com had more page views than any other non-portal business news webÂ site.Â Â CNBC.com page views were up 388 percent fromÂ June 2007.Â In June 2008,Â there were 10.7 millionÂ more pages viewed on CNBC.com than the No. 2 non-portal site, Forbes.Â Â
Page views onÂ Forbes.com declined 61 percentÂ from June 2007 to June 2008.
The average amount of time spent per visitor to CNBC.com in June was 47.7 minutes, according to Comscore data obtained by Talking Biz News.Â That’s 52 percentÂ more time than theÂ No. 2 site in minutes per visitor, Bloomberg.Â Minutes per visitor on Yahoo! Finance was 14.8; on CNN Money it was 10.2; and on Fox Business, the average user spent just 1.6 minutes on the site in June.
“We’re absolutely thrilled that only 18 months after relaunching CNBC.com, our growing network of investors and business professionals not only continue to visit us for the latest in market moving news and analysis, they are staying with us to view more pages and for longer periods of time per visit than anyone else in our space” said Meredith Stark, vice presidentÂ and executive producerÂ of CNBC.com.
Unlike other web sites, which get traffic from related sites, CNBC.com is a standalone web site and doesnâ€™t generate traffic from other NBC News sites such as MSNBC.com.
Robert MacMillan of Reuters writes Thursday that the Securities and Exchange Commission has approved a rule that allows companies to post news and information on blogs and Web sites, skipping traditional dissemination steps like press release distributors.
The change,Â writes MacMillan, means that Regulation Fair Disclosure could be violated. And it could cause other problems with how news is distributed.
MacMillan writes, “BusinessWire has embarked on a campaign to lobby against the guidelines. In a commentary distributed to industry publications, it said they ‘will lead to investor inequality and market inefficiencies, troubling trends for skittish retail investors, who place a premium on market fairness.’
“Thomson Reuters refrained from criticizing the rules.
“‘We support the free flow of information, champion innovation and continually monitor key websites for breaking news,’ a company spokesman said.
“‘At the same time, we recognize the risks of fragmentation of news flow and would want to guard against the possibility of erroneous or intentionally misleading information being disseminated to investors,’ he added.
“Dow Jones and Bloomberg officials were unavailable for comment.”
Read more here.
MacMillan writes, “Starting August 1, employees can request schedules better suited to their personal lives — including flexible hours, a shorter work week and working from home, according to a Bloomberg document obtained by Reuters.Â
“Such schedules are hardly unusual in Corporate America, but Bloomberg, which prides itself on being different, has not run itself like other multibillion-dollar companies.Â
“That focus has powered meteoric growth at the business since its founding in the early 1980s. But it has bruised some current and former staff along the way due to what many have described as the high demand on their time.Â
“The new work schedule system may be Bloomberg’s first public acknowledgment of the need to accommodate an employee’s personal life — and that the changes would help the business.”
Read more here.
Simon Thiel of Bloomberg News reports Friday that Thomson Reuters has opened a television studio in its New York newsroom to bolster its multimedia operations.
Thiel reports, “The studio was opened yesterday in the company’s New York newsroom, spokeswoman Victoria Brough said today via phone. The studio is part of the company’s push to expand its multimedia business, she said, declining to elaborate.
“Thomson Reuters is getting set to start a business television news channel that would compete with Bloomberg LP and General Electric Co.’s CNBC, The Daily Telegraph reported earlier today. The channel will appear on the Internet and on a cable or digital platform, the London-based newspaper said, adding that the starting date may be as early as January.
“In May, New York-based Thomson Reuters told employees that while it will eliminate about 140 news positions to help reach cost-cutting goals, it will also add about 50 jobs in the news department to start new projects. The company has said it aims to bolster the multimedia business by integrating its news, video and picture operations more closely.”
Former BusinessWeek writer Gary WeissÂ writes on his blog Wednesday that coverage of a new Securities and Exchange Commission initiative on short selling has been shallow except for commentators from Bloomberg News and The Wall Street Journal.
Weiss writes, “Media coverage of SEC chairman Chris Cox’s ‘naked short selling’ publicity stunt has suffered from the usual shortcomings of SEC coverage: naivetÃ©, credulousness, and a tendency to accept pronouncements from our toothless watchdogs at face value. Nothing really terrible, just mediocrity and lack of skepticism.
“There have been, however, some reassuring exceptions over the past couple of days.
“In a commentary today, Jonathan Weil of Bloomberg expertly dissects Cox’s emergency order for the fear-mongering fraud that it is:
“‘Forget naked short sellers. The fellow who isn’t wearing any clothes is Securities and Exchange Commission Chairman Christopher Cox,’ he said.
Read more here.
Frederic Wiegold, a senior editor at Bloomberg Markets magazine, died this weekend, according to an internal e-mail obtained by Talking Biz NewsÂ that was sent to the staff.
“He was an amazingly talented editor, as anyone who had the pleasure of having copy handled by him can attest,” wrote Michael Nol, an editor at Bloomberg.Â ”He’ll be sorely missed. It’s a great loss to Bloomberg and this profession.”
Wiegold had been New York bureau chief for Bloomberg, and a board member of the Overseas Press Club Foundation. He joined Bloomberg in 2002.
Wiegold also edited The Wall Street Journal Lifetime Guide to Money, and he was the personal finance editor at The Journal.
He worked for 18 years at The Journal, where he was a founding editor of the Money & Investing section and a contributing editor of Smart Money magazine.
Previously he was a vice president of J.P. Morgan & Co.; managing editor of World Business Weekly, a magazine published by the Financial Times; a reporter at the daily American Banker; and a news writer at WFLD-TV, Chicago.
Owen Thomas of Valleywag writes that the sale of the 20 percent stake of Bloomberg LP by Merrill Lynch back to the company’s founder shows that quantifying journalism — such as measuring reporters by how much they write and how many times it is read — will be the wave of the future.
Thomas writes, “The Bloomberg way â€” ‘first word, future word, factual word, fastest word, final word’ â€” emphasizes speed and accuracy in evaluating its reporters. (Some aspects of the news operation’s culture may be shifting under new editorial leader Norm Pearlstine, but it’s hard to see those basics changing.) News has value when it is actually new, and helps Bloomberg’s customers make money.
“And for all that, Bloomberg News is a relatively small part of Bloomberg’s value proposition. Far more important are the prices that Bloomberg’s terminals flash across traders’ screens. News stories, in this scenario, are just one more commodity.
“Not all journalism lends itself to such coldhearted analysis. Political reportage is a vital public service and, in the absence of local newspapers, it is hard to imagine how it will get funded. (Ironic that Michael Bloomberg, the company’s founder, is now New York’s mayor.) But it’s hard to understand why business reporters, of all people, complain when their chosen career is treated like, well, a business. Merrill Lynch’s pending sale of its stake in Bloomberg points to a future when the news is worth more, and those who write it, only as much as their last story. Depressing? Only to journalism careerists.”
Read more here.
Michael de la Merced of the New York Times reports that Merrill Lynch & Co. will sell its 20 percent stake in Bloomberg LP back to its founder in a deal that values the news and information company at $22 billion.
de la Merced writes, “The deal will probably be announced on Thursday, when Merrill is expected to report a quarterly loss. It is part of Merrill Lynchâ€™s efforts to shore up its capital base, as it continues to suffer from bad mortgage bets that have led to billions of dollars in losses.
“The sale of Merrillâ€™s stake would also give an official value to Bloomberg, which has jealously guarded information about its profitability, and to the wealth of the man who founded the company and who remains its principal owner. Mr. Bloomberg is a fixture on listings of the wealthiest people in the world, but much of his wealth is tied to his 72 percent stake in the company. By buying Merrillâ€™s stake, Mr. Bloomberg will own nearly 100 percent of the company.
“News reports have estimated the companyâ€™s annual operating profit at about $1.5 billion.”
Read more here.
Jeff Bercovici of Conde Nast Portfolio writes Wednesday that the changes announced at Bloomberg LP on Wednesday are profound changes in the culture of the organization.
That newsroom culture, he notes, has been driven by editor in chief Matthew Winkler for nearly two decades.
Bercovici writes, “But, in fact, according to a source, many of the changes now taking place are meant to diminish Winkler’s influence within Bloomberg and remove aspects of the newsroom culture that he put in place. They are widely seen as emanating from new Bloomberg president Dan Doctoroff, who, in May, installed former Time Inc. editor in chief Norman Pearlstine as chief content officer. (Pearlstine is rumored to be in discussions about bringing Walter Isaacson, who edited Time when Pearlstine was running Time Inc., into Bloomberg to be the top editor for multimedia operations; Pearlstine said, via email, that there’s no truth to that rumor.)
“‘Since Norm came on, there’s been lots of coded language about how ‘the things that made us great may now be holding us back’ and so forth,’ says the source. ‘What that means is Matt Winkler’s reign of terror and crazy little rules will be dismantled. [Doctoroff] realizes a lot of the way Matt manages the company is so counterproductive and self-destructive. They’re trying to wrap him in cotton batting so he can’t do much damage. It’s the beginning of an effort to really dial back the Kool Aid-y aspects of the company.’
“To be sure, Winkler is a notoriously combustible boss, and Bloomberg employees put up with a degree of regimentation and monitoring in their jobs unheard of elsewhere in the news business.”
Read more here.