Bloomberg News facts for kids
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Formerly
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Bloomberg Business News (1990–1997) |
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| Division | |
| Industry | News agency |
| Founded | 1990 |
| Founders | Michael Bloomberg Matthew Winkler |
| Headquarters | Bloomberg Tower, 731 Lexington Avenue, Manhattan, New York City Bloomberg London (London and Europe) Marina Bay Financial Centre, Singapore (Asia–Pacific) Pacific Place Jakarta, Sudirman Central Business District, Jakarta (Asia–Pacific) |
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Key people
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John Micklethwait (Editor-in-chief) |
| Owner | Michael Bloomberg (88%) and Bank of America (12%; through Merrill Lynch) |
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Number of employees
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2,300 |
| Parent | Bloomberg L.P. |
Bloomberg News (originally Bloomberg Business News) is a big international news company. It is based in New York City and is part of a larger company called Bloomberg L.P.. Bloomberg News shares its stories through special computer terminals, TV, radio, magazines like Bloomberg Businessweek, and its website. Since 2015, John Micklethwait has been in charge as the main editor.
Contents
History of Bloomberg News
Bloomberg News was started in 1990 by Michael Bloomberg and Matthew Winkler. Their goal was to provide important financial news to people who used Bloomberg's special computer terminals.
How it Started (1990–1995)
The company began with just six people. Matthew Winkler was the first editor-in-chief. Michael Bloomberg wanted to expand the services offered by his company's terminals. He asked Matthew Winkler, who was a writer, what it would take to start a news business.
Winkler remembered a conversation with Bloomberg about a tough choice. What if a big customer threatened to stop using Bloomberg's services if a true but negative story about them was published? Bloomberg said he would still publish the story. This showed Winkler that Bloomberg was serious about good journalism.
The new news service aimed to give quick and clear financial news. Bloomberg hoped it would help his company become more well-known and sell more of its computer terminals.
To grow, Bloomberg News opened an office in Washington, D.C. to report on how politics affects business. They also started a small TV station in New York and bought a radio station. They even launched short business news shows for TV and opened offices in places like Hong Kong and Frankfurt, Germany.
Growing Bigger (1995–2000)
By the mid-1990s, Bloomberg News had achieved its goal of increasing terminal sales. The company then focused on becoming as successful as other big news groups like Reuters. This led to the creation of Bloomberg Personal magazine in 1995.
In 1994, Bloomberg also started a 24-hour financial news TV service called Bloomberg Information Television. They also launched a website for their radio shows. In 1997, the company changed its name from Bloomberg Business News to simply Bloomberg News.
News in the 2000s and 2010s
In 2009, Bloomberg News teamed up with The Washington Post to create a global news service. This service provided economic and political news to a wider audience.
In 2014, Bloomberg News added a new section called Bloomberg Luxury. This part of their news covers fun topics like travel, food, cars, and new technology. It also shares content from their luxury magazine, Pursuits.
Reporting in China
In 2012, Bloomberg News published a series of investigative stories called "Revolution to Riches." These stories looked into the wealth of China's political leaders. One story focused on the family wealth of Chinese leader Xi Jinping.
After this story was published, the Chinese government ordered its companies not to use Bloomberg News. Bloomberg's website was also blocked in China, and their journalists found it hard to get visas to work there.
Later, there were reports that Bloomberg decided not to publish other stories about wealthy Chinese business people and officials. Some journalists left the company because of this. Bloomberg's editors and founder Michael Bloomberg said that no stories were stopped. However, some employees disagreed.
Bloomberg then worked to improve its relationship with the Chinese government. By 2015, their reporters started getting visas again. Many people criticized Bloomberg for how it handled these situations.
Changes in 2015
In 2015, the main editor, John Micklethwait, announced that Bloomberg News would focus more on its main audience: busy business people. The goal was to be the best source for "the story of capitalism." This meant they would report less on general topics and more on business and economics.
New Look and Paywall (2018)
In 2018, Bloomberg News updated its digital design. They also started using a "paywall." This means users can read a certain number of free articles each month. After that, they need to pay to read more.
In 2018, Bloomberg Businessweek, which is part of Bloomberg News, published a story claiming that the Chinese government had put secret computer chips into computers used by American companies like Apple Inc. and Amazon. Both Apple and Amazon strongly said this was not true. The US and UK governments also supported the companies' denials. Bloomberg later published another article saying they stood by their original story.
In 2016, Bloomberg published a news release that turned out to be a hoax. It claimed a French construction company had found problems with its money reports. The company's stock price dropped quickly, but then went back up when people realized it was fake. A French financial group later fined Bloomberg for publishing the false report.
When Michael Bloomberg Ran for President
In November 2019, Michael Bloomberg announced he was running for president. The editor-in-chief, John Micklethwait, told his staff not to investigate Michael Bloomberg or other Democratic candidates. However, they would continue to investigate Donald Trump, who was the current president.
This decision caused some debate. Some people felt that journalists should be able to report on anyone, including their boss. Michael Bloomberg said that his reporters "get a paycheck. But with your paycheck comes some restrictions and responsibilities."
Michael Bloomberg stopped his presidential campaign in March 2020.
Bloomberg Businessweek
Bloomberg L.P. bought the weekly business magazine Businessweek in 2009. They wanted to reach a wider audience beyond just their computer terminal users. After the purchase, Businessweek was renamed Bloomberg Businessweek. It became part of Bloomberg News.
Bloomberg Television
Bloomberg Television is a TV channel that broadcasts financial news 24 hours a day. It started in 1994 as a special service for satellite TV users. By 2000, Bloomberg's 24-hour news was available in many homes around the world.
Bloomberg Markets Magazine
Bloomberg Markets is a magazine that started in 1992. It was first given to people who used Bloomberg's special computer services. The magazine provides international financial news and tips on how to use the Bloomberg terminal. In 2010, the magazine was redesigned to attract more readers, not just terminal users.
Bloomberg Opinion
Bloomberg Opinion started in 2011. It is a part of Bloomberg News that shares ideas and opinions from writers and editors about current news.
The editor-in-chief, John Micklethwait, has said that Michael Bloomberg influences the opinions published in this section. For example, in 2017, Michael Bloomberg considered closing Bloomberg Opinion after a wealthy investor complained about a column. The column suggested his large donation to Harvard should have gone to a different charity. Bloomberg changed his mind, but the writer of the column was spoken to about it.
Bloomberg Politics
Bloomberg Politics covers political news through online articles, print, and TV. It started in 2014 and included a daily TV show called With All Due Respect. The show ended in 2016.
In 2016, Bloomberg Politics also made a documentary about the 2016 US presidential election.
See also
In Spanish: Bloomberg News para niños
