Bloomberg LP To Cut Jobs
As Originally Posted in The Wall Street Journal
Bloomberg LP is cutting about 100 jobs in its multimedia division as part of a continuing reorganization, the financial news and data company said.
The layoffs are the first since Bloomberg was founded in 1981. About 70 newsroom positions, as well as other positions overseas, will be affected, spokeswoman Judith Czelusniak said. The company also has canceled two shows: "Night Talk," featuring anchor Mike Schneider, and a weekend arts program.
Bloomberg TV has 145 bureaus world-wide. Despite the cuts, Ms. Czelusniak said, the company plans to hire about 1,000 people this year for its different divisions, including news, product development and sales. Bloomberg employs more than 10,000 people.
Ms. Czelusniak said Andrew Lack, who heads Bloomberg's multimedia group, had unveiled the changes to employees, including a plan to "integrate our regional television channels in the Americas, Europe and Asia into a single English-language global network."
Bloomberg generates most of its estimated $6 billion in annual revenue from sales of bundled financial data, analytics and news for Wall Street firms.
