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Bloomberg L.P.
Type Limited Partnership
Founded October 1, 1981[1]
Founder(s) Michael Bloomberg
Headquarters New York City, United States
Key people Peter Grauer, Chairman
Dan Doctoroff, President
Thomas Secunda, CTO
Matthew Winkler, Editor in Chief, News
Industry Financial Services
Revenue US$5.4 billion (2007)
Employees 10,000 (February 2008, Bloomberg.com)
Website www.bloomberg.com
Bloomberg broadcasting studio in London

Bloomberg L.P. (Limited Partnership) is a closely-held financial software, news and data company. It has a one-third share of the market, similar to Thomson Reuters.[2] 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 30% 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 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. [3]

It was formed as a Delaware Limited Partnership in 1981 and has been in business since 1983. Michael Bloomberg owns 85% 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 at a loss. Forbes Magazine estimated, in 2000, Bloomberg's cash flow margins on its $2.3 billion in revenues exceed 35%.[4] Bloomberg reports more than 100,000 users in North America, and more than 150,000 in the rest of the world.[citation needed] Its competitors include SNL Financial, Thomson Reuters, Capital IQ, 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.[5][6]

Contents

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.[7] 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.[8][9] [10] In 1986, the company was renamed Bloomberg L.P. and by 1988, 5000 terminals had been installed.[11] 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 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.[citation needed]

In order 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.[citation needed] 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.

In October 2009, Bloomberg LP aqcuired Businessweek Magazine from McGraw Hill [12]

In December 2009, Bloomberg acquired London based New Energy Finance, a global clean energy and carbon markets research provider.

Company Culture

Bloomberg is often known for its unique company culture and office space. Instead of sitting in traditional cubicles, employees sit alongside other colleagues in an open space representative of a stock trading floor. Meeting rooms are the only enclosed spaces, but are surrounded with glass walls [13] Art surrounds the company's workplace environment, meant to inspire and have employees get into a different mindset than day-to-day office routine.[14]

Employees are provided a variety of free food dishes and snacks, which encourages interaction and a sense of community during breaks. [15]

In 2005, Businessweek magazine named the One Beacon Court as one of ten company architectural wonders [16]

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.[17]

See also

Notes

  1. ^ "WASHINGTON FRIDAY JOURNAL". C-SPAN. April 26, 1996. http://www.c-spanvideo.org/program/71466-1. Retrieved January 20, 2010. "Started the company the day after I left Salomon Brothers, October 1, 1981, so we're coming on our fifteenth year -- anniversary." 
  2. ^ 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 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." 
  3. ^ 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 2008-12-08. "The Bloomberg Tower at 731 Lexington Avenue, with an upscale residential portion called One Beacon Court..." 
  4. ^ "Forbes Magazine review on Bloomberg". Forbes. 18th september, 2000. http://www.forbes.com/global/2000/0918/0318028a.html. 
  5. ^ 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 2008-12-08. 
  6. ^ http://cityroom.blogs.nytimes.com/2008/07/17/bloomberg-stays-modest-on-his-162-billion-worth/index.html?hp Bloomberg Stays Modest on His $16.2 Billion Worth
  7. ^ David Whitford (May 12, 1997). "FIRE IN HIS BELLY, AMBITION IN HIS EYES MICHAEL BLOOMBERG COULD HAVE SAT ON THE MILLIONS HE MADE AT SALOMON. INSTEAD HE BUILT A MEDIA EMPIRE THAT GIVES WALL STREETERS CRUCIAL INFORMATION IN A FLASH.". CNNMoney.com. http://money.cnn.com/magazines/fortune/fortune_archive/1997/05/12/226240/index.htm. 
  8. ^ The company, Bloomberg LP, is a prodigious success - April 16, 2007
  9. ^ The New York Times Job Market
  10. ^ Table: What Makes Mike Run. BusinessWeek. April 23, 2001.
  11. ^ "Bloomberg L.P. - Swot Analysis." Datamonitor Company Profiles. August 6, 2007.
  12. ^ http://www.businessweek.com/innovate/FineOnMedia/archives/2009/10/bloomberg_wins.html
  13. ^ http://www.allbusiness.com/marketing-advertising/4289531-1.html
  14. ^ http://about.bloomberg.com/careers.html
  15. ^ http://www.fastcompany.com/magazine/01/bberg.html
  16. ^ http://images.businessweek.com/ss/05/11/wondersoftheworld/source/2.htm
  17. ^ 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 2007-11-11. 

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