Bloomberg News on Thursday began notifying a group of employees they were being terminated, according to two people familiar with the matter, the latest in an ongoing string of layoffs at media companies as they grapple with the economics of the digital age.
Some staffers were given the sense the company hoped to enact a restructuring among a group of veteran editors, according to one of these people, who noted that some employees affected had been with Bloomberg for decades. Some employees at Bloomberg had the sense, this person said, that the company was hoping to open its ranks to a younger, more diverse cohort of its staff.
It was not immediately clear how many employees were affected by the staffing cuts. A spokesperson for Bloomberg News declined to comment on whether the company laid off staffers or how many might have been affected.
Bloomberg was founded by entrepreneur Michael Bloomberg, who served as Mayor of New York City between 2002 and 2013, and broadened his profile by investing millions in an unsuccessful run for the U.S. presidency in the run-up to the 2020 election.
Bloomberg has become a titan of the financial-news sector, competing regularly with Reuters and News Corp.’s Dow Jones & Co. for scoops, staff and subscription revenue. In recent years, Bloomberg has placed new emphasis on a subscription site for more general audiences, giving them access to both business news and video reports from its TV network. Bloomberg has long thrived on the fees it collects from large financial institutions that use its terminals to keep up on the latest market developments as well as dive deeply into financial data.