Tag Archives: Bloomberg

Justin Smith

Bloomberg Media to name new chief


Justin Smith, the president of Atlantic Media, will be named chief executive of the Bloomberg Media Group on Monday, reports David Carr of The New York Times.

Carr writes, “He will report to Daniel L. Doctoroff, chief executive of Bloomberg. Andrew Lack, who managed the media division for five years, will become chairman.

“After joining The Atlantic in 2007, Mr. Smith developed a reputation as an aggressive promoter of digital media who was able to reconfigure a 156-year-old magazine into a genuine multiplatform property.

“In a letter to the staff about Mr. Smith’s departure, David Bradley, the owner of Atlantic Media, credited Mr. Smith with bringing the company to profitability for the first time under his ownership; doubling revenue; and creating a number of successful digital start-ups, including The Atlantic Wire and Quartz.

“His quick results at the Atlantic Media Company drew the attention of executives at Bloomberg, who began talking to him at the end of last year.

“‘We know that every part of media is being disrupted by technology, and we need someone who understands that,’ Mr. Doctoroff said. ‘Justin can drive things forward here because he has an incredibly digital sensibility with a unique understanding of the confluence of journalism and multiple platforms.’

“The move will give Mr. Smith significant scale and a connection with Bloomberg’s lucrative terminal business, which produces revenue that allows the company to invest aggressively in media properties. The company has had success in moving from a linear television business to a more diverse model of video distribution, while the acquisition of Businessweek gave Bloomberg an editorial cachet it historically lacked.”

Read more here.

Dominic Chu

Chu departing Bloomberg TV for CNBC


CNBC senior vice president and business news editor Nik Doegun sent out the following staff hire on Friday:

I am pleased to announce that Dominic Chu will be joining CNBC as a markets reporter, effective Monday, August 12.

With his background as a Wall Street trader and investor, in addition to his journalism experience, Dominic will be able to offer CNBC’s sophisticated audience a unique perspective on the markets.

Previously, Dominic was at Bloomberg Television where he reported on the stock, bond and currency markets for the network. During his time there, he also covered sports business and was a member of the team that covered Hurricane Sandy and the Boston Marathon bombing.

Prior to joining Bloomberg Television, Dominic was an investment adviser at Seascape Capital Management. He also held positions at Hennessy Advisors, including as a head trader, and at UBS, where he served in various roles.

Dominic holds a bachelor’s of science degree from Cornell University.

Please join me in welcoming Dominic to CNBC.

cnbc dot com

CNBC.com sees strong video growth in June


CNBC.com ranked as the No. 1 non-portal business news site in June in a number of video categories, according to data released by comScore Video.

Its total unique video viewers for the month were 2.4 million, up 195 percent from the same month a year ago.

Its average daily video viewers for the month were 203,000, up 324 percent year-over-year.

Its monthly video views were up 98 percent year-over-year to 11 million.

And its total video minutes consumed on the site were up 165 percent year-over-year to 110 million minutes in June.

Yahoo Finance is the No. 1 business news site, but gets a lot of its traffic from the main Yahoo page. It reported 5.8 million video viewers for the month and 344,000 average daily video viewers.

However, CNBC.com beat Yahoo Finance in the number of videos watched per viewer — 4.6 to 2.7 — and in the number of minutes per viewer — 45.8 minutes to 28.4 minutes.

Bloomberg.com is the No. 3 site in video, with 2.1 million unique video viewers for the month and average of 41,000 daily video viewers.



New York probing Bloomberg reporters’ access to information


New York Attorney General Eric Schneiderman’s office is looking into how much access Bloomberg reporters may have had to information about the media and technology company’s customers, said people familiar with the inquiries.

Katy Burne of The Wall Street Journal writes, “Officials in the New York Attorney General’s investor protection unit in recent weeks have queried Bloomberg about reporters’ knowledge of terminal subscribers’ activities, said the people. The Attorney General’s office has not opened a formal investigation into the Bloomberg practices, said one of the people familiar with the probe.

“A Bloomberg spokesman had no comment on any interaction with the Attorney General’s office. Dow Jones & Co., publisher of The Wall Street Journal, competes with Bloomberg in financial news.

“The New York Attorney General’s probe follows inquiries made in May by the U.S. Federal Reserve and the U.S. Treasury into Bloomberg customer data access, as previously reported in The Wall Street Journal. The status of these probes is unclear.

“Bloomberg terminals are widely used by traders in the world’s largest financial centers, with more than 315,000 subscribers globally, according to a spokesman for the company. Subscribers pay $20,000 per year for access to the terminal services.”

Read more here.

tom secunda - official headshot (2)

Bloomberg’s Secunda in charge of technological revolution


Bloomberg co-founder Tom Secunda was ranked No. 1 on Institutional Investor’s Tech 50 list, which recognizes innovators in the financial services industry.

Institutional Investor writes, “Secunda and his team 3,000 technologists, meanwhile, have continuyed to produce and product innovations at a breakneck — and accelerating pace.

“Last November, Bloomberg launched its App Portal for third parties such as software companies, financial firms and academics to offer data analysis, visualization and other tools. Secunda, vice chairman and global head of financial products and services, sees it as a way “to embrace innovation and fuel creativity” and to “enhance the user experience and grow the value of the Bloomberg Professional service.”

“Other recent developments include integrating Twitter feeds into the terminal work flow; filing to to serve as a swap execution facility; releasing Instant Bloomberg Dealing, a chat-based platform for foreign exchange trading; and announcing Bloomberg Beta, a $75 million venture capital fund with a handful of high-tech start-ups in its portfolio.”

Read more here.


ABC, CBS, CNBC and PBS nominated for biz Emmys


ABC and CBS were each nominated twice for outstanding business and economic reporting in a regularly scheduled newscast on Thursday when the 34th Annual  News and Documentary Emmy Awards were announced by the  National Academy of Television Arts & Sciences.

In the category of outstanding business and economic reporting in a news magazine, CBS and PBS received two nominations, while NBC received one nomination. Both of the CBS nominations in this category came from “60 Minutes.”

Meanwhile CNBC, CNN, HBO and PBS were the nominees for outstanding long form business and economics reporting. The CNBC nomination was for “The Costco Craze” with Carl Quintanilla.

Bloomberg TV’s nomination was in the outstanding graphic design and art direction category for “The Economy of Caterpillar.”

The winners will be announced Oct. 1 at a ceremony at  Frederick P. Rose Hall, Home of Jazz at Lincoln  Center, located in the Time Warner Center in New York City.

To see all of the nominees, go here.

John J. Curran

Fortune colleagues remember John Curran


There are some nice quotes from Fortune journalists Carol Loomis and Bethany McLean about their former colleague, John Curran, who died last week at the age of 59, in the obituary on WestportNow.com.

Here they are:

Carol Loomis of Fortune, the longest serving employee in the history of Time Inc. and a highly awarded financial journalist, recalls of Curran: “I had the double pleasure of working with John when he was a brand-new, smart, hard-working reporter, and then seeing him rise to editing, where I particularly remember his putting a revised, improved beginning on one of my derivatives stories that might actually have encouraged somebody to read it.”

Author Bethany McLean, who, as a Fortune journalist, gained fame by first exposing the financial underpinnings of Enron as a shell game, recalled Curran’s influence at the beginnings of her career.

“I’ll never forget going to John in my very early days at Fortune and telling him that I didn’t think I should be a journalist, because I didn’t like making those tough phone calls that some stories require. He said, ‘Bethany, most of us don’t like making them. You don’t have to like it. All that matters is whether you do it or not. ‘  I swear, I think about that all the time in life as well as my work.”

Read more here. Curran was working at Bloomberg News when he died.


Bloomberg News editor Curran dies at 59


John J. Curran, a Bloomberg News editor who previously was a longtime journalist at Fortune and editor of Mutual Funds magazine, has died. He was 59.

Charles Stevens of Bloomberg writes, “In a career spanning more than three decades in New York, Curran wrote and edited stories on investing, banking, Wall Street and regulation. He also reported and oversaw coverage about international economics. In 1988, while at Fortune, a Time Inc. publication, he received an Overseas Press Club award for his reporting on Japan.

“In 2001, Curran received a Time Inc. Luce Award for commissioning and publishing a story on the threat of global terrorism reaching the U.S. — six months before the Sept. 11 attack that year on the World Trade Center in New York.

“‘John was the consummate dedicated professional who never took the cheap route to a conclusion or a story,’ John Huey, a colleague and former Time Inc. editor-in-chief, said in an e-mail. ‘He had the toughness and mindset of a prosecutor, but to him everyone really was innocent until proven guilty. And he infused that ethic into several generations of journalists who worked for him.’

“Curran, who began his journalism career at the Wall Street Transcript, spent the bulk of his working life at Fortune, starting in 1978. As an executive editor, he ran the magazine’s investing coverage and was responsible for producing its special guides to investing and retirement.”

Read more here.

Greg Stohr 3

Bloomberg reporter wrote 18 leads for Supreme Court rulings


Bloomberg reporter Greg Stohr, who wrote the stories today about the Supreme Court rulings, had 18 different leads covering a wide variety if possibilities, reports Erik Wemple of the Washington Post.

Wemple writes, “The conventional wisdom on speed, alas, hasn’t prevented news organizations from going fast. Following the release of this morning’s Supreme Court ruling in the DOMA case, here are the finish times of some key organizations:

Bloomberg: 10:01:13 Reuters: 10:01:32 AP: 10:02:27

“All three organizations confirm those times.

“The winner among these outlets, Bloomberg News, put a three-person team on today’s rulings: Supreme Court reporter Greg Stohr, who’s been on the beat since 1998, plus editors Laurie Asseo and Bob Drummond. Once the decision became available this morning, Stohr grabbed it and hustled over to the cubicle in the Supreme Court’s press area, where he worked with Asseo and Drummond to assess the document and what it said.

“Stohr checked that the ruling said ‘affirmed.’ He checked on the headnotes. He checked how the various justices lined up on the decision. Then he and the team pushed out their take on the situation.

“Total elapsed time: 30 seconds. Says the 46-year-old Stohr in an interview with the Erik Wemple Blog: ‘I’m going to guess that it was something like 30 seconds between the time that they gave us the opinions and the time that the headlines went out.’

“That’s not to say, however, that Stohr’s work on the story started this morning at 10:00 a.m. No, he began working on the story a month-and-a-half ago, he says. Much of the work consisted of thinking through all the intricate legal scenarios that the Supreme Court could possibly concoct in deciding the DOMA case and the Prop 8 case, which also made news today. The brainstorming process, says Stohr, ultimately yielded 18 story ledes and many more headlines — all of which were ready for publication this morning.”

Read more here.


Bloomberg TV asks FCC to order move to news channels


Bloomberg LP has asked the Federal Communications Commission to direct cable operator Comcast to move Bloomberg Television into news channel neighborhoods in top markets around the country.

“We are asking the FCC to issue a final decision in Bloomberg’s complaint against Comcast, and direct Comcast to immediately move Bloomberg TV into every Standard Definition (SD) news neighborhood on each of Comcast’s channel lineups in the top 35-DMAs,” said Greg Babyak, head of government affairs at Bloomberg LP, in a statement.

“This request comes almost two-and-a-half years after the FCC included the news neighborhood condition in its merger order approving the Comcast-NBCU deal, and more than a year after the Media Bureau first said BTV should be neighborhooded by Comcast within sixty days.”

In January 2011, the FCC approved Comcast’s acquisition of NBC Universal, the largest media merger in history, including CNBC. Recognizing that the merger increased Comcast’s incentive and ability to discriminate against competing independent programmers, the commission required and Comcast agreed to accept the “news neighorhooding” condition to win approval of the deal.

Under the language in the FCC order approving the deal, if Comcast “now or in the future” carried news channels in a neighborhood on its systems, Comcast must carry independent news channels “in that neighborhood.” That condition is time-limited, with protection offered for only seven years. In May 2012, the Media Bureau agreed with Bloomberg that Bloomberg Television should be carried by Comcast in its news neighborhoods within 60 days.

After 29 months of the seven-year condition has passed, however, Bloomberg Television is not carried by Comcast in most of the news neighborhoods on its systems covered by the condition.