Bloomberg L.P. announced a series of changes to its business structure yesterday in order to make better use of divisions outside of its traditional computer terrminal business, including the company’s news, television and web segments. The New York Times reported that the company will now be divided into three main divisions: news, data and financial products. The Times reported:
The news unit will include the company’s existing news-gathering
operation, which produces business articles for the Bloomberg terminals
and other outlets, as well as a revamped multimedia department, which
will run the company’s 11 television channels, radio network and Web
Meanwhile, Mixed Media blogger Jeff Bercovici from Portfolio.com, called the changed the “Beginning of the End for ‘the Bloomberg Way.” He suggested (using unnamed sources) that the changes are an attempt to move away from the notoriously odd newsroom culture instilled by Bloomber’s editor-in-chief Matthew Winkler.
But ultimately more significant could be smaller adjustments meant to make Bloomberg a more rewarding place to work. These reportedly range from a newly-stated commitment to flexible work schedules to a rejiggering of one of the most distinctive features of life at Bloomberg, the program of bonuses known as “certs.”
…Bloomberg employees put up with a degree of regimentation and monitoring in their jobs unheard of elsewhere in the news business.