Bloomberg

This profile considers the Bloomberg financial news and data services group.

Introduction

Based in New York, Bloomberg employs over 7,200 people (including 1,100 reporters) in 9 sales offices, 2 data centers and 80 news bureaus worldwide.

It is extending from electronic provision of financial data - primarily through its proprietary devices - to general news services, business television, syndicated radio content and professional publishing (Bloomberg Books, Bloomberg Wealth Manager, Bloomberg Money, Bloomberg Markets, On Investing).

As of September 2002 it had annual revenues of around US$2.8 billion and had leased an estimated 170,000 terminals. 93% of revenue was attributable to terminal leases. The number of Bloomberg terminals grew by 21% in 1998, 17% in 1999 and 9.5% in 2001; forecast growth for 2002 was about 6%.

The founder owns 72% of the group. Its corporate site is here.

Bloomberg was elected as mayor of New York in 2001 and relelected in 2005. He spent over US$77 million to get re-elected, breaking the US$74 million record he set in 2001, according to campaign finance reports released in December 2005.

Studies

Michael Bloomberg's Bloomberg By Bloomberg (New York: Wiley 1997) is a brash account of the financial information services empire built by former corporate banker and current New York mayor Bloomberg. Judging by his account he has never made a mistake.

Related

Information about competitor Reuters is here. Information about other news services is here.

Chronology

1942 Michael Bloomberg born

1964 graduates from Johns Hopkins University in Baltimore

1966 graduates from Harvard Business School

1972 becomes partner at Salomon Bros

1981 Bloomberg Limited Partnership [LP] founded

1990 Bloomberg News launched

2001 Michael Bloomberg elected Mayor of New York

2005 reelected