Bloomberg empire enjoys success that flows from its ‘financial-data machine’
Nick Summers writes about Bloomberg's expansion and how the growing empire seems to be enjoying the success that flows from its "financial-data machine."
Other media outlets don’t have a cash cow anything like this. And [Bloomberg Government] chairman Kevin Sheekey couldn’t help but rub it in, walking up to the terminal’s blinking prompt and challenging one guest: “Why don’t you look up the price of the New York Times Co.?”
Talking points from Summers' story:
- The ubiquitous Bloomberg financial-data machines cost users about $20,000 annually.
- The machine funnels $6 billion into the company each year.
- Over the past 20 years, Bloomberg has hired more than 2,700 journalists around the world.
- Bloomberg owns Businessweek and, Summers writes, "There is talk that the Financial Times might be its next meal."
But Bloomberg extended its power-brokering grasp three months ago when it bought the Bureau of National Affairs, which publishes 350 policy-wonk-type newsletters. Summers writes:
Now Bloomberg can feed BNA’s sought-after data directly to BLaw and BGov subscribers. The result: a one-stop shop for lobbyists to game the system.