Bloomberg News has cut about 90 newsroom staffers in New York, Washington and overseas as John Micklethwait, editor-in-chief since late last year, puts his stamp on the privately held media giant.
"It always hurts to let talented, dedicated people go, and no journalist likes to tell other journalists that they are losing their jobs," wrote Micklethwait in a lengthy 3,000-word memo.
The cutback is "not about downsizing" but about "refocusing our considerable resources."
The former Economist editor wants BN to be the "chronicle of capitalism" and not "slavish boosters" since its "clever busy" clients "don’t expect us to know everything about everything, especially when we have so many specialist rivals."
BN will strive to capture everything that matters in global affairs in the areas of business, finance, markets, economics, technology and politics/government. Categories such as sports and education are dropped.
The e-i-c said the editorial job is to expose financiers' mistakes and vanities to probe into imperfect markets and to point to potential speculative bubbles.
He criticized "lengthy self-indulgent stories" because too many failed to engage or seduce the reader.
"We need to put the resources into our new fast commentary team ("Bloomberg Gadfly"), our custom morning briefing ("Daybreak"), more data journalism, increased social media monitoring, our new markets TV show, our global radio network and better coverage of venture capital, market structure and campaign finance," he wrote.
Micklethwait wants to cover more than just what goes on in the company's home city of New York.
He wrote: "We have begun to change this. Government will be run out of Washington, technology from San Francisco. We have appointed new executive editors in London and we will appoint more in Asia. Again we have stressed that stories should be edited locally when possible, rather than wend their way up through several layers to New York and back again."
The refocusing process however is the best way "to be true to our purpose," according to Micklethwait.
Trump Media & Technology Group today reported a $58.2M net loss on $4.1M in 2023 revenues, a disclosure that drove its stock price down 22.6 percent to $47.96.
Barry Pollack, an attorney at Wall Street’s Harris St. Laurent & Wechsler, has registered Julian Assange as a client with the Justice Dept. “out of an abundance of caution.”
Paramount Global to slash 800 jobs in what chief executive Bob Bakish calls part of an effort to “return the company to earnings growth"... Rolling Stone editor-in-chief Noah Shachtman is exiting at the end of the month due to disagreements with chief executive Gus Wenner over the direction the magazine is taking... The New York Times broke the $1 billion barrier in annual revenue from digital subscriptions in 2023... Press Forward is investing more than $500 million to strengthen local newsrooms.
The majority of news articles are read within the first three days of publication, according to a recent report.
The Los Angeles Times gives pink slips to 115 people or 20 percent of its newsroom staff... TIME is also laying off about 30 employees, which is approximately 15 percent of its editorial staff... The Baltimore Banner, which was launched by Stewart Bainum in 2022 after he failed to buy the Baltimore Sun, added 500 subscribers per day in the three days following Sinclair Broadcast Group's deal to purchase the Sun.
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