Bloomberg Businessweek is a liberal magazine
USA: Michael Bloomberg wants to buy Business Week
The 67-year-old bon vivant can afford his new toy by playing. Most recently, the business magazine "Forbes" estimated Bloomberg's private wealth at 17.5 billion euros. The former stock trader of the investment bank Salomon Brothers no longer plays an operational role in his media group. When Bloomberg took office as the 108th Mayor of New York on January 1, 2002, he gave up his post as CEO at the same time. After buying back shares from the investment bank Merrill Lynch in 2008, Bloomberg now controls 88 percent of the company's shares again.
The core business of the competitor from Thomson Reuters are the computer terminals with 250,000 subscribers, which are available at banks, companies and management consultancies. In addition to the news agency, Bloomberg also operates a television station of the same name, whose German branch had to give up in February due to unsuccessfulness. A radio station in New York and the monthly magazine "Bloomberg Markets" also belong to the media group, which employs around 10,000 people.
In contrast to the unpredictable, conservative Australian media tycoon Rupert Murdoch, Bloomberg is a liberal-pragmatic entrepreneur and politician. He left the Republican Party two years ago. For New Yorkers, the son of an accountant is the ideal choice to steer the metropolis through the difficult times of the financial crisis. After heated discussions, the New York City Council recently voted with a clear majority that Bloomberg can run for a third term.
What exactly Bloomberg's media group, based on fine Park Avenue, plans to do with "Business Week" remains imprecise. Yesterday it was only said that they wanted to open up a new target group. That may only be part of the answer. Acquisitions in the media business do not always work from a rational point of view; prestige and power also play a major role. Murdoch's takeover of the Wall Street Journal is an example of this.
"Business Week" could also become a vehicle for greater media coverage. Bloomberg CEO Daniel Doctoroff already announced yesterday what the group is about. One hopes through the purchase better access to the government and to companies, where things are decided that move the market. So the purchase of a loss maker can also make perfect sense.
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