. (Photo by Mateusz Slodkowski / SOPA Photos / LightRocket via Getty Images)
SOPA / LightRocket Images via Getty Images
Bloomberg News, the financial news service founded by Michael Bloomberg, a former mayor of New York, has reported that most of the job losses seen in many media companies have been avoided, today about 100 employees and restructuring of the operation.
According to someone familiar with the situation, the global cuts are largely focused on editors and represent about 3 percent of Bloomberg’s more than 31,000 editors and researchers. They were named by Bloomberg Editor and CEO John Micklethwait in a memo to employees Thursday received by Forbes.com.
According to Micklethwait, the global news agency has lost stories because it moved too slowly because it was trapped in bureaucracy.
“Teams were waiting for someone to read back a piece or avoid requests from the News Desk to send out an explosion quickly,” he wrote. “Managers spent too much time setting up conference calls when they should have been writing. Or suddenly teams delivered unwanted pieces of campaign. ”
Under Bloomberg’s new structure, most editors report directly to lead editors, who can assign them to story-telling teams to interpret what Micklethwait said as “re-reading or re-editing or -required. ”
The news agency also plans to strengthen regional editorial centers, so more editors are available to work on the most important stories and features, the memo says.
“There will, of course, be more complex pieces that require senior management, but those are the exceptions,” said Micklethwait. “We trust an editor to handle a story, or we don’t. If we do not like the final product, we will give feedback to the editor. The expanded hubs will be ready to help as well. “
According to Micklethwait, Bloomberg News will be hiring as many journalists as of late 2021 as it was before the coronavirus pandemic hit last year and industry analysts ’levels rose. It also plans to add staff in high priority areas such as data journalism. The company is also looking for more ways for “reporters and editors to take more ownership of stories and hits,” Micklethwait said.
Bloomberg News is a small but highly visible part of Mike Bloomberg’s Bloomberg LP, which provides data and content to approximately 225,000 financial professionals through the Bloomberg building, subscriptions that cost about $ 20,000 a year. It also delivers content to media partners around the world.
According to Axios, Bloomberg Media, which includes Bloomberg Businessweek, Wealth of Bloomberg, and Bloomberg Green, expect to generate at least $ 100 million in consumer revenue in 2021.