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Bloomberg L.P.
Bloomberg L.P.
Bloomberg L.P.
Type Founded Headquarters Key people
Limited Partnership 1981 New York City, United States Michael Bloomberg, Founder Peter Grauer, Chairman Dan Doctoroff, President Thomas Secunda, CTO Matthew Winkler, Editor in Chief, News Financial Services ▲US$4.7 billion (2006) 10,000 (February 2008, Bloomberg.com) http://www.bloomberg.com
Industry Revenue Employees Website
organizations around the world through the Bloomberg Terminal, its core money-generating product. Bloomberg L.P. has grown to include a global news service, including television, radio, the Internet and printed publications. Its current headquarters are located at the Bloomberg Tower, 731 Lexington Avenue in Midtown Manhattan, New York City. The building is also known as One Beacon Court for the lighted rectangular beacon that caps the tower and the paved courtyard at the ground level. [2] It was incorporated as a Delaware Limited Partnership (LP) in 1981 and has been in business since 1983. Michael Bloomberg owns 92% of the group. Bloomberg’s core business is leasing terminals to subscribers. It also runs Bloomberg Television, a financial TV station, and a business radio station WBBR in New York City. Forbes Magazine estimated, in 2000, Bloomberg’s cash flow margins on its $2.3 billion in revenues exceed 35%. Bloomberg reports more than 100,000 users in North America, and more than 150,000 in the rest of the world. Its competitors include Thomson Reuters, Dow Jones Newswires, FactSet Research Systems and smaller companies such as New York Financial Press. In July 2008, Merrill Lynch agreed to sell its 20% stake in the firm back to Bloomberg, for a reported $4.43 billion, valuing the firm at approximately $22.5 billion.[3][4]
Bloomberg broadcasting studio in London Bloomberg L.P. is a closely held financial software, news and data company. It has a one-third share of the market, similar to Thomson Reuters.[1] Bloomberg L.P. was founded by Michael Bloomberg (current Mayor of New York City) with the help of Thomas Secunda and other partners (Bloomberg’s former coworkers from Salomon Brothers) in 1981 with the help of a 20% ownership investment by Merrill Lynch. The company provides financial software tools such as analytics and equity trading platform, data services and news to financial companies and
History, services & products
In 1981, Michael Bloomberg was fired from Salomon Brothers, where he was a general partner and given a $10 million severance package.[5] Using this money, Bloomberg went on to set up a company named Innovative Market Systems. In 1982, Merrill Lynch became the new company’s first customer, installing 20 Market Master terminals and investing $30 million in the company.[6][7] [8] In 1986, the company was renamed Bloomberg L.P. and by 1987, 5000 terminals had been
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installed. Within a few years, ancillary products including Bloomberg Tradebook (a trading platform), the Bloomberg Messaging Service, and the Bloomberg newswire were launched. Bloomberg prospered during the boom of the 1980s and 1990s. It expanded internationally, opening offices in Europe, Asia, Latin America and Australia. In addition to its financial services offerings, Bloomberg launched its news services division in 1990. Bloomberg News (originally known as Bloomberg Business News) has some 2,000 staff in 125 bureaus around the world and is available on the web at www.bloomberg.com. It now provides information to approximately 350 newspapers and magazines worldwide, including The Economist, The New York Times and USA Today. In order to run for the position of Mayor of New York which he won against Democrat Mark Green in 2001, Mike Bloomberg gave up his position of CEO at Bloomberg and appointed Lex Fenwick as CEO in his stead. Daniel Doctoroff, former deputy mayor in the Bloomberg administration, now serves as president. Peter Grauer is the chairman. Bloomberg filed Bloomberg L.P. v. Board of Governors of the Federal Reserve System Case Number: 1:2008cv09595 in the New York Southern District Court November 7, 2008. The suit asks Judge Loretta A. Preska to require the Federal Reserve to provide information under the Freedom of Information Act to divulge the names of private financial institutions that were recipients of 1.2 trillion in public bailout money, along with kind and amounts of collateral provided. • Standard & Poor’s • Thomson Reuters
Bloomberg L.P.
Notes
[1] Austen, Ian (April 17, 2008). "A Name to Herald Its Merger: Thomson Reuters". The New York Times (New York). http://www.nytimes.com/2008/04/17/ business/media/17adco.html. Retrieved on 2008-12-08. "With Reuters, Thomson will become roughly the same size as Bloomberg in the financial information services business, with each company controlling about a third of the market." [2] Gregor, Alison (May 24, 2006). "A Tower Goes Up, and a Neighborhood Perks Up". The New York Times (New York). http://www.nytimes.com/2006/05/24/ realestate/commercial/24tower.html. Retrieved on 2008-12-08. "The Bloomberg Tower at 731 Lexington Avenue, with an upscale residential portion called One Beacon Court..." [3] de la Merced, Michael J.; Louise Story (July 17, 2008). "Bloomberg Expected to Buy Merrill’s Stake in His Firm". The New York Times (New York). http://www.nytimes.com/2008/07/17/ business/17broker.html. Retrieved on 2008-12-08. [4] http://cityroom.blogs.nytimes.com/2008/ 07/17/bloomberg-stays-modest-onhis-162-billion-worth/index.html?hp Bloomberg Stays Modest on His $16.2 Billion Worth [5] Article about his departure from Salomon from Fortune Magazine [6] The company, Bloomberg LP, is a prodigious success - April 16, 2007 [7] The New York Times Job Market [8] BW Online | April 23, 2001 | Table: What Makes Mike Run [9] Hirschkorn, Phil (March 6, 2001). "Michael Bloomberg eyes run at New York mayor". Time Warner, Cable News Network (archives.cnn.com). http://archives.cnn.com/2001/ ALLPOLITICS/03/06/ bloomberg.changes/. Retrieved on 2007-11-11.
Corporate governance
As of March 2001, members of the board of directors of Bloomberg include: Peter Grauer, Arthur Levitt, Jane Bryant Quinn, Frank Savage, and Thomas Secunda.[9]
See also
• • • • • • • A. M. Best Bloomberg Markets Dominion Bond Rating Service Fitch Ratings Morningstar, Inc. Moody’s Nationally Recognized Statistical Rating Organizations
External links
• Bloomberg • Bloomberg: Overview
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• PND News - New York City Mayor Gave $130 Million to Charity in 2002 • Bloomberg LP v. Triple E Holdings Limited (2002) GENDND 1665 (13 December 2002) • The Vault, containing a company overview • Fortune Magazine: Bloomberg LP is a prodigious success
Bloomberg L.P.
• Bloomberg streaming television
Radio
• Bloomberg streaming radio
On-demand podcasts
• Bloomberg downloadable podcasts
Television
Bloomberg Television
Retrieved from "http://en.wikipedia.org/wiki/Bloomberg_L.P." Categories: Companies based in New York City, News agencies, Media companies of the United States, Michael Bloomberg, Privately held companies of the United States, TV channels with British versions This page was last modified on 28 April 2009, at 23:55 (UTC). All text is available under the terms of the GNU Free Documentation License. (See Copyrights for details.) Wikipedia® is a registered trademark of the Wikimedia Foundation, Inc., a U.S. registered 501(c)(3) taxdeductible nonprofit charity. Privacy policy About Wikipedia Disclaimers
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