Bloomberg L.P.

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Bloomberg L.P.
Type Limited partnership
Industry Financial Services, Mass media, Technology
Founded October 1, 1981 (1981-10-01)[1]
Founder(s) Michael Bloomberg
Thomas Secunda
Duncan MacMillan
Charles Zegar[2]
Headquarters Bloomberg Tower
Midtown Manhattan
New York City, USA
Number of locations 192 offices [3]
Key people Peter Grauer (Chairman)
Dan Doctoroff (President & CEO)
Revenue Increase US$ 8.3 billion (2013)[4]
Owner(s) Michael Bloomberg (88%)[5]
Employees 15,000 (2011)[3]
Bloomberg broadcasting studio in London

Bloomberg L.P. is a privately held financial software, data and media company headquartered in New York City. Bloomberg L.P. was founded by Michael Bloomberg in 1981 with the help of Thomas Secunda, Duncan MacMillan, Charles Zegar[6] and a 30% ownership investment by Merrill Lynch.[7] Bloomberg L.P. provides financial software tools such as an analytics and equity trading platform, data services and news to financial companies and organizations through the Bloomberg terminal (via its Bloomberg Professional Service), its core money-generating product.[8] Bloomberg L.P. also includes a wire service (Bloomberg News), a global television network (Bloomberg Television), a radio station (WBBR), websites, subscription-only newsletters and three magazines: Bloomberg Businessweek, Bloomberg Markets and Bloomberg Pursuit.[9]


In 1981, Salomon Brothers was acquired, and Michael Bloomberg, a general partner, was given a $10 million partnership settlement.[10] Bloomberg, having designed in-house computerized financial systems for Salomon, used his $10 million severance check to start Innovative Market Systems (IMS).[11] Bloomberg developed and built his own computerized system to provide real-time market data, financial calculations and other financial analytics to Wall Street firms. In 1983, Merrill Lynch invested $30 million in IMS to help finance the development of "the Bloomberg" terminal computer system and by 1984, IMS was selling machines to all of Merrill Lynch's clients.[11]

In 1986, the company was renamed Bloomberg L.P., and 5,000 terminals had been installed in subscribers' offices.[12] Within a few years, ancillary products including Bloomberg Tradebook (a trading platform), the Bloomberg Messaging Service, and the Bloomberg newswire were launched. Bloomberg launched its news services division in 1990. was first established on September 29, 1993 as a financial portal with information on markets, currency conversion, news and events, and Bloomberg Terminal subscriptions.[13]

In late 1996, Bloomberg bought back one-third of Merrill Lynch's 30 percent stake in the company for $200 million, increasing the company's market value to $2 billion. In 2008, facing losses during the financial crisis, Merrill Lynch agreed to sell its remaining 20 percent stake in the company back to Bloomberg, Inc., the trust that manages Michael Bloomberg's assets, for a reported $4.43 billion. After the sale, Bloomberg L.P. was valued at approximately $22.5 billion.[14][15]

Bloomberg L.P. has remained a private company since its founding; the majority of which is owned by Michael Bloomberg.[14] To run for the position of Mayor of New York against Democrat Mark Green in 2001, Bloomberg gave up his position of CEO and appointed Lex Fenwick as CEO in his stead.[16] Peter Grauer is the chairman.[17] In 2008, Fenwick became the CEO of Bloomberg Ventures, a new venture capital division. Daniel Doctoroff, former deputy mayor in the Bloomberg administration, now serves as president and CEO.[18]

Company performance[edit]

In 2009, Bloomberg L.P. services accounted for a third of the $16 billion global financial data market.[19] At this time, the company had sold 315,000 terminals worldwide.[20] Moreover, the company brought in nearly $7 billion in annual revenue, with 85 percent coming from terminal sales.[21] In 2010, Bloomberg L.P.'s market share stood at 30.3 percent, compared with 25.1 percent in 2005.[22] In 2011, the company had 15,000 employees in 192 locations around the world.[3]


Since its founding, Bloomberg L.P. has made several acquisitions including the radio station WNEW, BusinessWeek magazine, research company New Energy Finance, the Bureau of National Affairs and the financial software company Bloomberg PolarLake. On July 9, 2014 RTS Realtime Systems, a global provider of low-latency connectivity and trading support services is acquired.[23]


In 1992, Bloomberg L.P. purchased New York Radio station WNEW for $13.5 million. The station was converted into an all-news format, known as Bloomberg Radio, and the call letters were changed to WBBR.[24]


Bloomberg L.P. bought weekly business magazine, BusinessWeek, from McGraw-Hill in 2009. The company acquired the magazine - which was suffering from declining advertising revenue and limited circulation numbers - to attract general business to its media audience composed primarily of terminal subscribers.[25] Following the acquisition, BusinessWeek was renamed Bloomberg Businessweek. Josh Tyrangiel serves as editor.[26]

Eagle Eye Publishing[edit]

In 2010, Bloomberg L.P acquired Eagle Eye Publishing, a Fairfax, VA based company that publishes data about procurement by the Federal Government. This acquisition became part of Bloomberg Government which was launched in early 2011.

New Energy Finance[edit]

In 2009, Bloomberg L.P. purchased New Energy Finance, a data company focused on energy investment and carbon markets research based in the United Kingdom.[27] New Energy Finance was created by Michael Liebreich in 2004 to provide news, data and analysis on carbon and clean energy markets. Bloomberg L.P. acquired the company to become an industry resource for information to support low-carbon energy solutions. Liebreich continues to lead the company, serving as the chief executive officer.[28]

Bureau of National Affairs (BNA)[edit]

Bloomberg L.P. purchased Arlington, Virginia-based Bureau of National Affairs in August 2011 for $990 million to bolster its existing Bloomberg Government and Bloomberg Law services.[29] BNA publishes specialized online and print news and information for professionals in business and government. The company produces more than 350 news publications in topic areas that include corporate law and business, employee benefits, employment and labor law, environment, health and safety, health care, human resources, intellectual property, litigation, and tax and accounting.[30]

Bloomberg PolarLake[edit]

In May 2012, Bloomberg LP acquired Dublin-based software provider PolarLake and launched a new enterprise data management (EDM) service to help companies acquire, manage and distribute data across their organizations.[31]

Products and services[edit]

Bloomberg Professional Service[edit]

In 2011, sales from the Bloomberg Professional Service, also known as the Bloomberg terminal, accounted for more than 85 percent of Bloomberg L.P.'s annual revenue.[21] The proprietary computer system, available for $1,800 per month, allows subscribers to access the Bloomberg Professional service to monitor and analyze real-time financial data, search financial news, obtain price quotes and send electronic messages through the secure Bloomberg Messaging Service.[32]

Bloomberg News[edit]

Bloomberg News was co-founded by Michael Bloomberg and Matthew Winkler in 1990 to deliver financial news reporting to Bloomberg terminal subscribers. In 2010, Bloomberg News included more than 2,300 editors and reporters in 72 countries.[33] Content produced by Bloomberg News is disseminated through the Bloomberg terminal, Bloomberg Television, Bloomberg Radio, Bloomberg Businessweek, Bloomberg Markets and Co-founder Matthew Winkler still serves as editor-in-chief.[33]

Bloomberg Television[edit]

Bloomberg Television, a service of Bloomberg News, is a 24-hour financial news television network. It was introduced in 1994 as a subscription service transmitted on satellite television provider DirecTV, 13 hours a day, 7 days a week.[34] Soon after, the network entered the cable television market and by 2000, Bloomberg's 24-hour news programming was being aired to 200 million households.[35] Justin B Smith serves as CEO of Bloomberg Multimedia Group which includes Bloomberg Radio, Bloomberg Television and online components of Bloomberg's multimedia offerings.[36]

Bloomberg Markets[edit]

Bloomberg Markets is a monthly magazine launched in 1992 that provides in-depth coverage of global financial markets for finance professionals.[37] In 2010, the magazine was redesigned in an effort to update its readership beyond Bloomberg terminal users.[38] Michael Dukmejian has served as the magazine's publisher since 2009.[39]

Bloomberg Government[edit]

Launched in 2011, Bloomberg Government is an online service that provides news and information about politics, along legislative and regulatory coverage.[40] The service is sold via subscription for $5,700 a year and provides access to a database offering information such as campaign contributions breakdowns, analysis of federal contracting, directories of agency and congressional staff members and detailed analysis of legislation and regulation.[41]

Bloomberg Law[edit]

In 2009, Bloomberg L.P. introduced Bloomberg Law, a subscription service for real-time legal research.[42] A subscription to the service provides access to law dockets legal filings and reports from Bloomberg legal analysts as well as business news and information.[43]

Bloomberg View[edit]

Bloomberg View is an editorial division of Bloomberg News which launched in May 2011.[44] Bloomberg View provides editorial content from columnists, authors and editors about news issues and is available for free on the company's website.[45] David Shipley, former Op-Ed page editor at The New York Times, serves as Bloomberg View's executive editor.[46]

Bloomberg Tradebook[edit]

Bloomberg Tradebook is an electronic agency brokerage for equity, futures, options and foreign exchange trades.[47] Its "buyside" services include access to trading algorithms, analytics and marketing insights, while its "sellside" services include connection to electronic trading networks and global trading capabilities.[48] Bloomberg Tradebook was founded in 1996 as an affiliate of Bloomberg L.P.[47]

Bloomberg Beta[edit]

Bloomberg Beta is a venture capital firm capitalized by Bloomberg L.P.[49] Founded in 2013, the $75 million fund is focused on investments in areas broadly of interest to Bloomberg L.P., and invests purely for financial return. It is headquartered in San Francisco.

Open Bloomberg[edit]

Bloomberg has openly licensed its symbology system (Bloomberg Open Symbology, (BSYM)), and financial data API (Bloomberg Programming API, (BLPAPI)).[50]



Bloomberg L.P.'s headquarters is located in the Bloomberg Tower in Midtown Manhattan, New York City.[51] As of 2011, Bloomberg L.P. occupied 900,000 sq ft (84,000 m2) of office space at the base of the tower. The company's New York offices also include 400,000 sq ft (37,000 m2) located at 120 Park Avenue.[52] It maintains offices in more than 192 locations around the world.[3]

Corporate culture[edit]

The Bloomberg L.P. offices are non-hierarchical – even executives do not have private offices.[30] All employees sit at identical white desks each topped with a custom-built Bloomberg computer terminal. The office space also includes rows of flat-panel monitors overhead that display news, market data, the weather and Bloomberg customer service statistics.[53]


Bloomberg L.P.'s Management Committee includes Daniel Doctoroff, Peter Grauer, Thomas Secunda and Matt Winkler. Doctoroff serves as chief executive officer and president of the company, with Grauer as chairman and Secunda as vice chairman.[54]


EEOC v. Bloomberg L.P.[edit]

In September 2007, the Equal Employment Opportunity Commission filed a class-action lawsuit against Bloomberg L.P. on behalf of more than 80 female employees who argued that Bloomberg L.P. engaged in discrimination against women who took maternity leave.[55] In August 2011, Judge Loretta A. Preska of the Federal District Court in Manhattan dismissed the charges, writing that the Equal Employment Opportunity Commission did not present sufficient evidence to support their claim.[56]

In September 2013, Preska dismissed an EEOC lawsuit on behalf of 29 pregnant employees of Bloomberg L.P.[57] In addition, she dismissed pregnancy bias claims from five individual plaintiffs, and allowed part of the case from a sixth plaintiff to proceed.[58]

Bloomberg L.P. v. Board of Governors of the Federal Reserve[edit]

Bloomberg L.P. brought a lawsuit against the Board of Directors of the Federal Reserve System (Bloomberg L.P. v. Board of Governors of the Federal Reserve System) to force the Fed to share details about its lending programs during the U.S. Government bailout in 2008.[59] The records documented Federal Reserve loans issued to financial firms and revealed the identities of the firms, the amounts borrowed and the collateral posted in return.[60] Bloomberg, L.P. won at the trial court level.[61] The Second Circuit Court ruled in favor of Bloomberg L.P. in March 2010, but the case was appealed to the Supreme Court by a group of large U.S. commercial banks in October. In March 2011, the Supreme Court let stand the Second Circuit Court ruling mandating the release of Fed bailout details.[62]

See also[edit]


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  4. ^ Reuters sees flat 2014 revenue; Q4 results miss, Reuters February 12, 2014
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  11. ^ a b Make It New. iUniverse. Retrieved April 11, 2013. 
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  55. ^ "Bloomberg Is Deposed in Bias Suit Against Firm". The New York Times. Retrieved October 28, 2011. 
  56. ^ "Discrimination Suit Against Bloomberg L.P. Is Rejected". The New York Times. Retrieved December 13, 2011. 
  57. ^ Stempel, Jonathan; Jennifer Saba (September 9, 2013). "U.S. judge tosses pregnancy bias lawsuit against Bloomberg LP". Reuters. Retrieved September 11, 2013. 
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  61. ^ 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.
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External links[edit]