Competition among news services for financial news that can “move” markets has always been intense. It’s more so given new communications technologies, growth in the financial services sector and heightened rivalry among increasingly well-heeled media rivals.
Thursday’s Supreme Court decision underscored the bottom line journalistic and economic reality.
While most people focused on the policy and political ramifications, Bloomberg’s Washington bureau celebrated a first-in-class victory over competitors, including Thomson Reuters, Dow Jones and the Associated Press.
The first headline from reporter Greg Stohr on the decision upholding Obamacare tax subsidies came at 10:08:09 a.m. Eastern Standard Time.
That’s 10:08:09 in case you missed it somehow.
That apparently was six seconds ahead of any competitor.
Once again, that’s six seconds.
For most normal human beings on the planet, even most journalists, that would be immaterial. Read more