Bloomberg A major global provider of 24-hour financial news and information including real-time and historic price data,

financials data, trading news and analyst coverage, as well as general news and sports. Its services, which span their own platform, television, radio and magazines, offer professionals analytic tools.

Bloomberg L.P.
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Bloomberg L.P.

Type

Limited partnership

Industry

Mass media

Founded

October 1, 1981[1]

Founder(s)

Michael Bloomberg, Thomas Secunda, Duncan MacMillan,Charles Zegar[2]

Headquarters

Bloomberg Tower, Manhattan, New York City, New York, U.S.

Number of locations

200 offices (June 2010)[3]

Key people

Peter Grauer (Chairman) Dan Doctoroff (President)

Products

Broadcasting, publishing, radio

Revenue

US$ 6.9 billion (projected 2010)

Owner(s)

Michael Bloomberg (88%)[4]

Employees

13,000 (Dec 2010)[3]

Website

Bloomberg.net

Bloomberg broadcasting studio in London

Bloomberg L.P. is an American multinational mass media corporation based in New York City, New York. Bloomberg makes up one third of the $16 billion global financial data market [5] with estimated revenue of $6.25 billion in 2009.[6] Bloomberg L.P. was founded by Michael Bloomberg with the help of Thomas Secunda, Duncan MacMillan, and Charles Zegar in 1981 and a 30% ownership investment by Merrill Lynch.[7] The company provides financial software tools such as analytics and equity trading platform, data services and news to financial companies and organizations around the world through the Bloomberg Terminal (via its Bloomberg Professional Service),[8] its core money-generating product. Many customers use only a small fraction of the machine's 30,146 functions.[9] Bloomberg L.P. has grown to include a global news service, including television, radio, the Internet and printedpublications. Its current headquarters are located at the Bloomberg Tower, in Midtown Manhattan, New York City. The building is also known asOne Beacon Court for the lighted rectangular beacon that caps the tower and the paved courtyard at the ground level.[10] Bloomberg L.P. was formed as a Delaware Limited Partnership in 1981 and has been in business since 1983. Michael Bloombergowns 85% of the partnership. Bloomberg's core business is leasing terminals to subscribers. It also runs Bloomberg Television, a financial Television network, and a business radio station WBBR in New York City at a loss[citation needed]. Bloomberg's revenue for 2009 was estimated at $6.25

billion. Based on that estimate, the new projections would push revenue to nearly $6.9 billion for 2010. [11] There are currently over 300,000 Bloomberg Terminal subscribers worldwide. Its competitors include SNL Financial,Interactive Data Corporation, Thomson Reuters, Capital IQ, Dow Jones Newswires, FactSet Research Systems, Dealogic and smaller companies such as New York Financial Press. In late 1996 Bloomberg bought back one-third of Merrill Lynch's 30 percent stake in his company for $200 million[12] valuing the company at $2 billion. 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.[13][14]
Contents
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1 History, services and products 2 Corporate governance 3 Litigation against Board of Governors of Federal Reserve System 4 See also 5 Notes 6 External links

[edit]History,

services and products

In 1981, Salomon Brothers was acquired, and Michael Bloomberg, a general partner, was given a $10 million partnership settlement.[15] Using this money, Bloomberg went on to set up a company named Innovative Market Systems. In 1982, Merrill Lynchbecame the new company's first customer, installing 22 Market Master terminals and investing $30 million in the company.[16][17][18] In 1986, the company was renamed Bloomberg L.P. and by 1988, 5000 terminals had been installed.[19] Within a few years, ancillary products including Bloomberg Tradebook (a trading platform), the Bloomberg Messaging Service, and the Bloomberg newswire were launched. In addition to its financial services offerings, Bloomberg launched its news services division in 1990. Bloomberg Television (originally known as Bloomberg Business News) has over 2,000 employees and 145 bureaus around the world, producing more than 5,000 stories daily.[20] It now provides information to approximately 350 newspapers and magazines worldwide, including The Economist, The New York Times and USA Today.[21] To run for the position of Mayor of New York 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.[22] Daniel Doctoroff, former deputy mayor in the Bloomberg administration, now serves as president.[23] Peter Grauer is the chairman. In 2008, Fenwick became the CEO of Bloomberg Ventures, a new venture capital division.

In September 2007, the Equal Employment Opportunity Commission filed a class-action lawsuit on behalf of more than 80 female employees, who argue Bloomberg L.P. engaged in a pattern of discrimination against pregnant women who took maternity leave.[24] The suit alleges that 'Michael Bloomberg is responsible for the creation of the systemic, top-down culture of discrimination' at the company.[24] A Bloomberg L.P. spokeswoman said: 'We are confident that once all the facts come out they will demonstrate that the claims have no merit.'[24] Bloomberg News was the subject of an investigative feature by Vanity Fair in December 2008.[25] In 2009, Bloomberg acquired BusinessWeek, a consumer oriented business magazine and Web property, from McGraw-Hill;[26] and New Energy Finance, now called Bloomberg New Energy Finance, a data company focused on energy investment and carbon markets research based in the U.K.[27] The same year, The New York Times covered Bloomberg's growth and aspirations in a full-length media section feature.[28] Bloomberg Professional Service and Gerson Lehrman Group issued a press release on July 8, 2010, indicating the former's clients would be given exclusive access to 50,000+ GLG Council Member business experts globally. On September 30, 2011, Bloomberg L.P. completed its acquisition of Bureau of National Affairs for About $990 millions.[29] In May 2012, Bloomberg acquired Dublin-based software provider PolarLake and is launching a new enterprise data management (EDM) service to help companies acquire, manage and distribute data across their organizations.[30] Bloomberg New Energy Finance is a specialist provider of financial information and research to the renewable energy technology sector and its investors worldwide.[31]

[edit]Corporate

governance

As of July 2010, members of the board of directors of Bloomberg include Peter Grauer, Daniel Doctoroff, Thomas Secunda, Arthur Levitt, Jane Bryant Quinn, Frank Savage,Richard DeScherer [1], and Hugh Lowenstein.[32]

[edit]Litigation

against Board of Governors of Federal Reserve System

November 7, 2008, Bloomberg L.P. News brought a lawsuit (Bloomberg L.P. v. Board of Governors of the Federal Reserve System) against the Board of Governors of the Federal Reserve System to force the Board to reveal the identities of firms for which it has provided guarantees during the Late-2000s financial crisis.[33] Bloomberg, L.P. won at the trial court and the Fed's appeals were rejected at both the United States Court of Appeals for the Second Circuit and the U.S. Supreme Court. The data[34] was released March 31, 2011.[35]

Community Features
Bloomberg Community
Bloomberg Professional is more than information. Its a community - a network of professionals and business leaders with a common interest in the world of finance. Bloomberg pioneered the use of private messaging systems, recognizing early on that maintaining open lines of communications is an important part of our service. The means of communication between all these people is built right into the Bloomberg Professional service. You can communicate with one or many users at once; participate in chats, and leverage the intelligence of your peers to find relevant news and data. Bloomberg also serves as a collaboration tool, allowing users to join public communities or create their own private communities of colleagues or clients. We have two main mechanisms for communication with members of the Bloomberg community: