Tag Archives: Bloomberg

Bloomberg completes deal for BusinessWeek

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Bloomberg LP announced Tuesday afternoon that it has completed its acquisition of BusinessWeek from McGraw-Hill Cos.

Bloomberg paid $5 million in cash and Bloomberg also assumed certain liabilities, including unfulfilled subscription liabilities.

“We share with McGraw-Hill a commitment to editorial excellence and we look forward to building on BusinessWeek’s 80-year tradition of great journalism,” said Bloomberg Chairman Peter T. Grauer in a statement. “The reporting and analytical resources of Bloomberg and BusinessWeek are unparalleled in their ability to deliver timely, credible content to an influential and highly sought-after audience.”

Bloomberg president Daniel L. Doctoroff said that the deal would yield significant benefits for users of the Bloomberg Professional service, and for its television, online and mobile properties.

Bloomberg is holding a reception at its building Tuesday from 6 p.m. to 9 p.m. for its new employees.

Read more here.

Ratigan remembers Pittman

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Former Bloomberg reporter Dylan Ratigan praised the work of former Bloomberg reporter Mark Pittman, who died last week, on his MSNBC show Monday.

Ratigan stated, “I want to take a minute to salute a former colleague of mine and a reporter who had the guts not only to take on the Federal Reserve, but to take on the entire banking system. Mark Pittman passed away last week in New York at the too young age of 52.

“Nobel Prize-winning economist Joseph Stiglitz called Pittman one of the great financial journalists of our time. He did a tremendous job explaining and laying out the layering of subprime. But Pittman’s final legacy is yet to be written.

“Just three months ago, Pittman and Bloomberg News won a key legal victory in the efforts to get the Fed to open its books to the public so we can see the back door bailouts that they are providing to American banks.

“But, unfortunately, Pittman did not live to see the end of the battle he started. The Federal Reserve appealing a decision that went in Pittman’s favor. Bloomberg’s response to the Fed appeal due next week. A hearing expected the first week in January.

“So from all of us at the Morning Meeting, we want to take a minute to pay our respects to a man who led the charge, trying to use the freedom of the press to fight for the American principles of fairness and punishing those who would cheat them.

“We would be all better off if there were more reporters like Mark Pittman looking out for America’s interests against those in our government and banking system that would seek to exploit the taxpayer for their personal enrichment.”

Charlie Rose to write BW column

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Matthew Flamm of Crain’s New York reports that TV talk-show host Charlie Rose will begin writing a column for BusinessWeek once the magazine is acquired by Bloomberg LP.

Flamm reports, “The column, which will debut in the Dec. 21 issue of the magazine, is being promoted almost as an extension of Mr. Rose’s nightly show. It ‘will showcase smart conversations with the best thinkers, CEOs, politicians and other newsmakers,’ according to a Monday statement from Bloomberg.

“Mr. Rose won’t have much competition in the category of celebrity columnists writing for the weekly. Longtime contributors to the magazine, Jack and Suzy Welch, recently announced they were moving on, and CNBC’s Maria Bartiromo will also disappear from the magazine’s pages following the transition.

“Approximately 100 BusinessWeek staffers have lost their jobs as Bloomberg has taken control of the property in recent weeks.

“Mr. Rose already has a relationship with Bloomberg. His show is rebroadcast nightly on the Bloomberg Television cable network, and it’s taped in a Bloomberg studio.”

Read more here.

BusinessWeek staffers to have one last drink, Bloomberg to throw party

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TALKING BIZ NEWS EXCLUSIVE

The deal by Bloomberg LP to acquire BusinessWeek magazine is expected to close on Tuesday, Dec. 1, so the BusinessWeek staff plans to have farewell drinks Monday night for the employees who won’t be moving to the new owner.

Meanwhile, Bloomberg plans to throw a party on Tuesday to celebrate the close of the deal. UPDATE: A Bloomberg staffer sends along the following invitation, which calls the event a “reception” for its new BusinessWeek colleagues.

The BusinessWeek festivities — goodbye to departing staffers — are scheduled to begin this evening at 5:30 at the Playwright’s Tavern, just around the corner from the McGraw-Hill building, on the third floor.

With many BusinessWeek staffers leaving Tuesday, and the latest issue of the magazine going to the printers on Wednesday night, there’s concern among those remaining as to how exactly the issue will get out on time.

“I’m going in today to try and do some advance editing,” said one staffer this weekend.

One staff member said that the BusinessWeek finance team is already working with reporters at Bloomberg to try to pull together a story for the next issue, and expects some Bloomberg writers to take over the columns inside the weekly, including the one written by Gene Marcial on Wall Street.

Bloomberg Markets isn't being neglected

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Matthew Flamm of Crain’s New York writes about how Bloomberg Markets is getting attention despite its parent company’s acquisition of BusinessWeek.

Flamm writes, “This summer, the financial information giant hired Time Inc. veteran Michael Dukmejian as the title’s first full-time publisher, and he’s been busy pumping up advertising. Revenue — down 11% for the year — rose 14% for the December issue.

“’From our standpoint,’ he says, all the attention ‘has been helpful. A lot of people are asking questions about us,’ including advertisers.

“Mr. Dukmejian’s plans include opening sales offices in San Francisco and Chicago, growing circulation to 400,000 copies from 315,000 over the next three years, and telling readers who aren’t terminal subscribers about the title’s award-winning stories. ‘One of our goals,’ says editor Ronald Henkoff, ‘is to get these articles in front of a wider group of people.’”

Read more here.

Bloomberg's Pittman remembered

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Bloomberg News reporter Mark Pittman, who died earlier this week, is remembered by a number of journalists and sources on Saturday.

Felix Salmon of Reuters writes, “Pittman was an aggressive, old-school journalist, who was in his element going after big Wall Street institutions. Like most of the journalists I’ve criticized, he never responded to my blog entry, and I never met or spoke to him. That’s very much my loss: I’m sure I would have learned a lot. But Pittman had bigger fish to catch. His loss to the profession is irreplaceable.”

J. Jennings Moss, the editor of Portfolio.com, writes, “What does matter is that Mark Pittman was doing the kind of provocative journalism that treads new ground and rings alarms. As business journalism gets downsized and stated opinions seem to matter more than the facts they’re based on, it’s important to remember what one talented reporter can do. And it’s crucial Pittman’s approach to business news isn’t forgotten.”

Chris Whalen of The Big Picture writes, “Mark was a great reporter and a great friend.  He prized accuracy over timeliness at a time when many people in the media don’t know the difference.  He led the legal effort to force the Fed to open the books on AIG and the many other bailouts. I owed him a phone call last week and now must wait to return it and his many favors.  We actually got to take in a Yankees game a couple of years ago and I now appreciate how important and fleeting are those moments.   Mark will be missed but the fight continues.”

ZeroHedge.com writes, “Zero Hedge staffers met with Mark days before his death at which point we discovered he was working on a major financial expose. We would be humbled to pick up the torch and bring his last opus to closure. We are sure Bloomberg News will keep Mark’s spirit alive, and will continue his lifelong pursuit of eliminating secrecy and opacity, and bringing truth and justice to all corners of high finance.Mark shall be missed.”

Pittman, Bloomberg reporter, dies

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Mark Pittman, the award-winning investigative reporter whose fight to open the Federal Reserve to more scrutiny led Bloomberg News to sue the central bank and win, died on Wednesday, according to a Bloomberg story. He was 52.

Bob Ivry writes, “A former police-beat reporter who joined Bloomberg News in 1997, Pittman wrote stories in 2007 predicting the collapse of the banking system. That year, he won the Gerald Loeb Award from the UCLA Anderson School of Management, the highest accolade in financial journalism, for ‘Wall Street’s Faustian Bargain,’ a series of articles on the breakdown of the U.S. mortgage industry.

‘He was one of the great financial journalists of our time,’ said Joseph Stiglitz, a professor at Columbia University in New York and the winner of the 2001 Nobel Prize for economics. ‘His death is shocking.’

“Pittman’s fight to make the Fed more accountable resulted in an Aug. 24 victory in Manhattan Federal Court affirming the public’s right to know about the central bank’s more than $2 trillion in loans to financial firms. He drew the attention of filmmakers Andrew and Leslie Cockburn, who gave him a prominent role in their documentary about subprime mortgages, ‘American Casino,’ which was shown at New York City’s Tribeca Film Festival in May.

“‘Who sues the Fed? One reporter on the planet,’ said Emma Moody, a Wall Street Journal editor who worked with Pittman at Bloomberg. ‘The more complex the issue, the more he wanted to dig into it. Years ago, he forced us to learn what a credit- default swap was. He dragged us kicking and screaming.’”

Read more here.

Why Bloomberg provides snacks

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Keith Kelly of the New York Post writes about the reason that some BusinessWeek staffers think that their new owners, Bloomberg, provides snacks to its employees.

Kelly writes, “A Bloomberg HR person was sent to address some of the surviving editors and writers of BusinessWeek, which is being bought by Mayor Mike Bloomberg‘s company, and welcome them to the new company.

“Bloomberg is famous for perks such as free coffee and edibles.

“‘When you hear the word Bloomberg, what do you think of?’ asked the HR person.

“‘Snacks!’ yelled a BusinessWeek staffer.

“‘Very good,’ said the Bloomberg rep. ‘And why do you think we do that?’

“‘Because you don’t want us to leave our desks?’ said someone in the rear.

“‘No,’ she said. ‘Because we care about you.’”

Read more here. 

Bloomberg TV's new look

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Mark Seddon of The Guardian newspaper in London writes about the changes occurring on Bloomberg Television.

Seddon writes, “Steve Clark, the head of European and Middle East operations who was behind the launch of Al Jazeera English, says: ‘There’s a huge potential audience out there. We have more foreign bureaux than the BBC – 145 in all – and we have an army of specialist journalists, and what we will be doing is making our reporting more conversational and relevant to people. Business and finance impacts everyone.’

“There are new shows coming out of London. General news and sports programmes coming out of London in the five-hour European window are being followed by shows such as Global Countdown and Start-Up timed to coincide with the opening of the London markets. Last week Bloomberg signed ITN’s Andrea Catherwood, and more recruits recognisable to a British audience will be announced shortly. The London broadcast studio is brand new, with state-of-the-art, touch-screen plasma news walls, enabling anchors to move images around with their hands, as well as state of the art plasma floor screens.

“Bloomberg’s 457 news staff and 131 multimedia employees enjoy a ultra-modern cafeteria at the company’s London headquarters, which is free at the point of use for the more than 3,000 employees based there. The London broadcasting chief, Brian Martinez, and Steve Clark sit in the same open plan news floors, surrounded by colour coordinated tropical fish tanks. Martinez says: ‘We are looking to grow our operations where many other networks are cutting back. In New York we’ve added Charlie Rose and the ‘Intelligence Squared’ debates to our programming, and here we’ve signed up the FT Lex columnists to appear daily, exclusively.’ All three broadcast hubs, New York, London and Hong Kong are in recruiting mood. Branching out, Bloomberg has recently announced collaborations with UTVi In India and Cinermedia in Turkey.”

Read more here.

Bloomberg magazine wins environmental prize

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Bloomberg Markets magazine became the first U.S. news organization to receive Brazil’s Paul Donovan Kigar Prize for “social responsibility, conscience, vision and interest in the defense of mankind and nature.”

The prize commission honored Bloomberg Markets magazine for its defense of Brazil’s environmental resources in the story, “Plundering the Amazon.”

Authors Michael Smith and Adriana Brasileiro uncovered that multinational corporations are destroying the world’s largest rain forest to build mines, farms and cattle ranches — often in violation of national laws.

The writers also cited major companies who purchase materials that result in illegal deforestation. Following publication, Cargill, Wal-Mart and four of the world’s largest meat packers pledged to stop buying products that originate on deforested land.

Read more here.