Bloomberg L.P. is an American multinational financial news corporation. Bloomberg makes up one third of the $16 billion global financial data market with estimated revenue of $6.9 billion in the year to 2009. 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. 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), its core money-generating product. Many customers use only a small fraction of the machine’s 30,146 functions. 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, 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.
Bloomberg L.P. was formed as a Delaware Limited Partnership in 1981 and has been in business since 1983. Michael Bloomberg owns 85% of the partnership. Bloomberg’s core business is leasing terminals to subscribers. It also runs Bloomberg Television, a financialTelevision network, and a business radio station WBBR in New York City at a loss. 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. 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 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 valuing the company at $2.0 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.
History, services and products
In 1981, Salomon Brothers was acquired, and Michael Bloomberg, a general partner, was given a $10 million partnership settlement.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 22 Market Master terminals and investing $30 million in the company.  In 1986, the company was renamed Bloomberg L.P. and by 1988, 5000 terminals had been installed. 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 over 2,000 employees and 145 bureaus around the world, producing more than 5,000 stories daily. It now provides information to approximately 350 newspapers and magazines worldwide, including The Economist, The New York Times and USA Today.
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. Daniel Doctoroff, former deputy mayor in the Bloomberg administration, now serves as president. Peter Grauer is the chairman.
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. The suit alleges that ‚Michael Bloomberg is responsible for the creation of the systemic, top-down culture of discrimination‘ at the company. 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.‘
In 2009, Bloomberg acquired BusinessWeek, a consumer oriented business magazine and Web property, from McGraw-Hill; 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. The same year, The New York Times covered Bloomberg’s growth and aspirations in a full-length media section feature.
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 and Hugh Lowenstein.
Litigation against Board of Governors of Federal Reserve System
Bloomberg L.P. News brought a lawsuit 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. Bloomberg, L.P. won at the trial court level. On August 24, 2010, the United States Court of Appeals[clarification needed which circuit?] refused to revisit a request by the Fed to review an earlier Court of Appeals decision requiring the agency to release the records. On August 27, 2010, the court agreed to delay implementation of the ruling until Oct. 19 so that the Fed may appeal to the Supreme Court. As of September 2010 the Fed has indicated it will do so.
- ^ „Washington Friday Journal“. C-SPAN. April 26, 1996. 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.“
- ^ a b „About Bloomberg – Company“. Bloomberg. Retrieved 18 June 2010.
- ^ „The 400 Richest Americans: #8 Michael Bloomberg“. Forbes. September 17, 2008. Retrieved September 17, 2008.
- ^ Clifford, Stephanie; Creswell, Julie (November 15, 2009). „At Bloomberg, Modest Strategy to Rule the World“. The New York Times (New York). Retrieved 2010-07-17. „Since emerging out of nowhere in 1981, Bloomberg now controls a third of the $16 billion global financial data market, according to year-end 2008 numbers from Inside Market Data Reference, a research firm.“
- ^ Clifford, Stephanie; Creswell, Julie (November 15, 2009). „At Bloomberg, Modest Strategy to Rule the World“. The New York Times (New York). Retrieved 2010-07-17. „This operation accounts for 85 percent of Bloomberg’s revenue… roughly 280,000 customers who each pay about $20,000 annually (extrapolated: 280,000X$20,000=5.6 Billion/.85=$6.6 Billion)“
- ^ Langeland, Terje (2010-12-09). „Facebook’s Zuckerberg Joins Gates, Buffett in Pledge“. Bloomberg. Retrieved 2012-01-04.
- ^ Kennon, Joshua (unk). „What is a Bloomberg Terminal or Bloomberg Machine?“. About.com (New York). Retrieved 2010-07-17. „When someone talks about their Bloomberg, it is not so much a piece of computer hardware as it is a subscription… the Bloomberg Professional Service, as the subscription is known“
- ^ Clifford, Stephanie (November 14, 2009). „At Bloomberg, Modest Strategy to Rule the World“. New York Times (New York). Retrieved 2010-07-17. „Many customers use only a small fraction of the machines‘ 30,146 functions.“
- ^ Gregor, Alison (May 24, 2006). „A Tower Goes Up, and a Neighborhood Perks Up“. The New York Times (New York). Retrieved 2008-12-08. „The Bloomberg Tower at 731 Lexington Avenue, with an upscale residential portion called One Beacon Court…“
- ^ „WSJ: Bloomberg LP Sees 10% Revenue Growth In ’10-Sources“. Ask Stock (New York). February 3, 2010. Retrieved 2010-07-17. „Bloomberg’s revenue for last year was estimated at $6.25 billion, according to a person familiar with the matter. Based on that estimate, the new projections would push revenue to nearly $6.9 billion this year.“[dead link]
- ^ „Bloomberg LP Company history“. FundingUniverse.com (New York). July 17, 2008. Retrieved 2010-07-17. „In late 1996 Bloomberg bought back one-third of Merrill Lynch’s 30 percent stake in his company for $200 million.“
- ^ 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). Retrieved 2008-12-08.
- ^ Bloomberg Stays Modest on His $16.2 Billion Worth.
- ^ 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.
- ^ Loomis, Carol J. (April 2, 2007). „Bloomberg’s money machine“. CNN. Retrieved April 26, 2010.
- ^ Korkki, Phyllis. „Jobs“. The New York Times. Retrieved April 26, 2010.
- ^ Table: What Makes Mike Run. BusinessWeek. April 23, 2001.
- ^ „Bloomberg L.P. – Swot Analysis.“ Datamonitor Company Profiles. August 6, 2007.
- ^ „Bloomberg News“. MondoTimes.com (New York). Retrieved 2010-07-17. „It has over 2,000 employees and 145 bureaus around the world, producing more than 5,000 stories daily. Its customers include newspapers and magazines worldwide.“
- ^ „Bloomberg LP Company history“. FundingUniverse.com (New York). July 17, 2008. Retrieved 2010-07-17. „(Matt) Winkler was asked by staffers at the New York Times if they could receive a Bloomberg terminal for free. Bloomberg promised them one on one condition: that the paper consider publishing Bloomberg Business News stories, with the Bloomberg byline, in the Times and its news wires whenever it deemed them „fit to print.“ In 1991 the Times agreed to the arrangement, and Bloomberg Business News stories were soon appearing in the nation’s premier newspaper. Within a year every major newspaper in the United States had requested the same arrangement: free Bloomberg terminals in exchange for occasional publication of Bloomberg bylined stories. Bloomberg had won legitimacy as a national news source.“
- ^ „Bloomberg L.P.“. Career Architects Career Club (New York). Retrieved 2010-07-17. „With the November 2001 election of Mike Bloomberg as New York city mayor, the company lost its most visible executive. Lex Fenwick, who had run the company’s European sales operations, took over as CEO upon Bloomberg’s switch to the public sector.“[dead link]
- ^ „Bloomberg L.P.“. Career Architects Career Club (New York). Retrieved 2010-07-17. „The Bloomberg machine was retooled over the course of the first half of 2008. Daniel Doctoroff, Bloo0mberg’s deputy mayor, handed in his papers so he could become president of Bloomberg LP in January.“[dead link]
- ^ a b c Chen, David W. (May 15, 2009). „Bloomberg Is Deposed in Bias Suit Against Firm“. The New York Times.
- ^ „Bloomberg Without Bloomberg“. Vanity Fair. December 2008.
- ^ Mickey, Bill (December 4, 2009). „Bloomberg Shuts Down BusinessWeek SmallBiz“. Folio.com (New York). Retrieved 2010-07-17. „Bloomberg closed on its purchase of BusinessWeek—now called Bloomberg BusinessWeek—two days ago.“
- ^ „Bloomberg Acquires New Energy Finance“. SustainableBusiness.com (New York). December 10, 2009. Retrieved 2010-07-17. „News and information giant Bloomberg L.P. has acquired New Energy Finance, a provider of news, data and analysis on renewable and alternative energy.“
- ^ Clifford, Stephanie; Creswell, Julie (November 15, 2009). „At Bloomberg, Modest Strategy to Rule the World“. The New York Times.
- ^ „Bloomberg | New Energy Finance“. Bnef.com. Retrieved 2012-01-04.
- ^ „Bloomberg L.P. Board of Directors“. Bloomberg Businessweek via Capital IQ (New York). July 20, 2010. Retrieved 2010-07-20. „Bloomberg L.P. INSIDERS ON BOARD OF DIRECTORS Name (Connections) Relationships Title Age Peter Grauer 137 Relationships Chairman and Treasurer 63 Daniel Doctoroff 53 Relationships President and Director 51 Thomas Secunda 7 Relationships Chief Information Officer and Director – Other Board Members on Board of Directors Name (Connections) Relationships Primary Company Age Arthur Levitt Jr. 26 Relationships WisdomT ree Investments, Inc. 79Jane Quinn 15 Relationships Main Street Connect, LLC 71Frank Savage 202 Relationships Savage Holdings 70Richard DeScherer 94 Relationships Willkie Farr & Gallagher LLP—Hugh Lowenstein 20 Relationships Bloomberg L.P. 79“
- ^ Ryan Chittum, August 25, 2009, „Bloomberg Wins Its Lawsuit Against the Federal Reserve,“ at .
- ^ Docket entry 31, Bloomberg, L.P. v. Board of Governors of the Federal Reserve System, case no. 1:08-cv-09595-LAP, U.S. District Court for the District of New York.
- ^ Rosen, Ellen. „Federal Reserve, Lehman, Disney, Apple, JPMorgan, Wesleyan in Court News“. Bloomberg.com. Retrieved 2012-01-04.
- ^ Rosen, Ellen. „Fed Gets 60 Days to Appeal Court’s Disclosure Order“. Bloomberg.com. Retrieved 2012-01-04.
- ^ Bloomberg LP v. Board of Governors of the Federal Reserve System, 09-04083, U.S. Court of Appeals for the Second Circuit (New York)
|Wikimedia Commons has media related to: Bloomberg L.P.|
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