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Bloomberg L.P.
Bloomberg L.P. is an American privately held financial, software, data, and media company headquartered in Midtown Manhattan, New York City. It was co-founded by Michael Bloomberg in 1981, with Thomas Secunda, Duncan MacMillan, Charles Zegar, and a 12% ownership investment by Merrill Lynch.
Bloomberg L.P. provides financial software tools and enterprise applications such as analytics and an equity trading platform, data services, and news to financial companies and organizations through the Bloomberg Terminal (via its Bloomberg Professional Service), its core revenue-generating product. Bloomberg L.P. also includes a news agency (Bloomberg News), a global television network (Bloomberg Television), websites, radio stations (Bloomberg Radio), subscription-only newsletters, and two magazines: Bloomberg Businessweek and Bloomberg Markets.
As of 2019, the company has 176 locations and nearly 20,000 employees.
In 1981, Salomon Brothers was acquired, and Michael Bloomberg, a general partner, was given a $10 million partnership settlement. Bloomberg, having designed in-house computerized financial systems for Salomon, used his $10 million partnership buyout to start Innovative Market Systems (IMS). Bloomberg developed and built his own computerized system to provide real-time market data, financial calculations and other financial analytics to Wall Street firms. The Market Master terminal, later called the Bloomberg Terminal, was released to market in December 1982. Merrill Lynch became the first customer, purchasing 20 terminals and a 30% equity stake in the company for $30 million in exchange for a five-year restriction on marketing the terminal to Merrill Lynch's competitors. Merrill Lynch released IMS from this restriction in 1984.
In 1986, the company renamed itself Bloomberg L.P. (limited partnership). Bloomberg launched Bloomberg Business News, later Bloomberg News, in 1990, with Matthew Winkler as editor-in-chief. Bloomberg.com was first established on September 29, 1993, as a financial portal with information on markets, currency conversion, news and events, and Bloomberg Terminal subscriptions.
In late 1996, Bloomberg bought back one-third of Merrill Lynch's 30 percent stake in the company for $200 million, valuing the company at $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., majority-owned by Michael Bloomberg, for a reported $4.43 billion, valuing Bloomberg L.P. at approximately $22.5 billion.
Bloomberg L.P. has remained a private company since its founding, the majority of which is owned by billionaire Michael Bloomberg. 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. In 2012, Peter Grauer became the chairman of the company, a role he still holds. In 2008, Fenwick became the CEO of Bloomberg Ventures, a new venture capital division and Daniel Doctoroff, former deputy mayor in the Bloomberg administration, was named president and CEO, serving until September 2014. At that point, it was announced that Michael Bloomberg would be taking the reins of his eponymous market data company from Doctoroff, who was chief executive of Bloomberg for the past six years after his term as deputy mayor.
In May 2022, Bloomberg announced it would launch a new venture in the UK, Bloomberg UK, as part of a wider international strategy. Bloomberg UK plans to hire in the region and has launched a standalone website, a weekly video series, a podcast and new event series. In August 2023, Michael Bloomberg announced a series of leadership changes for the company, with Chief Product Officer Vladimir Kliatchko assuming the role of CEO and Chief Operating Officer Jean-Paul Zammitt assuming the role of President. He also announced a new board of directors which would be chaired by Mark Carney, taking over from Peter Grauer and that existing board members would move to "Emeritus Status". Mark Carney resigned from his chairmanship shortly before becoming the Prime Minister of Canada.
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Bloomberg L.P.
Bloomberg L.P. is an American privately held financial, software, data, and media company headquartered in Midtown Manhattan, New York City. It was co-founded by Michael Bloomberg in 1981, with Thomas Secunda, Duncan MacMillan, Charles Zegar, and a 12% ownership investment by Merrill Lynch.
Bloomberg L.P. provides financial software tools and enterprise applications such as analytics and an equity trading platform, data services, and news to financial companies and organizations through the Bloomberg Terminal (via its Bloomberg Professional Service), its core revenue-generating product. Bloomberg L.P. also includes a news agency (Bloomberg News), a global television network (Bloomberg Television), websites, radio stations (Bloomberg Radio), subscription-only newsletters, and two magazines: Bloomberg Businessweek and Bloomberg Markets.
As of 2019, the company has 176 locations and nearly 20,000 employees.
In 1981, Salomon Brothers was acquired, and Michael Bloomberg, a general partner, was given a $10 million partnership settlement. Bloomberg, having designed in-house computerized financial systems for Salomon, used his $10 million partnership buyout to start Innovative Market Systems (IMS). Bloomberg developed and built his own computerized system to provide real-time market data, financial calculations and other financial analytics to Wall Street firms. The Market Master terminal, later called the Bloomberg Terminal, was released to market in December 1982. Merrill Lynch became the first customer, purchasing 20 terminals and a 30% equity stake in the company for $30 million in exchange for a five-year restriction on marketing the terminal to Merrill Lynch's competitors. Merrill Lynch released IMS from this restriction in 1984.
In 1986, the company renamed itself Bloomberg L.P. (limited partnership). Bloomberg launched Bloomberg Business News, later Bloomberg News, in 1990, with Matthew Winkler as editor-in-chief. Bloomberg.com was first established on September 29, 1993, as a financial portal with information on markets, currency conversion, news and events, and Bloomberg Terminal subscriptions.
In late 1996, Bloomberg bought back one-third of Merrill Lynch's 30 percent stake in the company for $200 million, valuing the company at $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., majority-owned by Michael Bloomberg, for a reported $4.43 billion, valuing Bloomberg L.P. at approximately $22.5 billion.
Bloomberg L.P. has remained a private company since its founding, the majority of which is owned by billionaire Michael Bloomberg. 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. In 2012, Peter Grauer became the chairman of the company, a role he still holds. In 2008, Fenwick became the CEO of Bloomberg Ventures, a new venture capital division and Daniel Doctoroff, former deputy mayor in the Bloomberg administration, was named president and CEO, serving until September 2014. At that point, it was announced that Michael Bloomberg would be taking the reins of his eponymous market data company from Doctoroff, who was chief executive of Bloomberg for the past six years after his term as deputy mayor.
In May 2022, Bloomberg announced it would launch a new venture in the UK, Bloomberg UK, as part of a wider international strategy. Bloomberg UK plans to hire in the region and has launched a standalone website, a weekly video series, a podcast and new event series. In August 2023, Michael Bloomberg announced a series of leadership changes for the company, with Chief Product Officer Vladimir Kliatchko assuming the role of CEO and Chief Operating Officer Jean-Paul Zammitt assuming the role of President. He also announced a new board of directors which would be chaired by Mark Carney, taking over from Peter Grauer and that existing board members would move to "Emeritus Status". Mark Carney resigned from his chairmanship shortly before becoming the Prime Minister of Canada.