Bloomberg L.P is private finance, software, data, and media company. Founded in 1981 by Michael Bloomberg, it is located in Manhattan. Bloomberg offers its clients financial software tools like trading platforms and data services. Its core product is the Bloomberg Terminal, which is an all-in-one trading solution for professional traders.
Bloomberg also operates a global television and radio network, websites, and financial magazines like Bloomberg Markets. The company employs 20,000 people across 176 locations.
History of Bloomberg L.P.
Michael Bloomberg founded Bloomberg L.P in 1981 after the acquisition of Salomon Brothers. He received a $10 million partnership settlement which he used to launch Innovative Market Systems, a computerized system that provided real-time market data and financial analytics. In 1982 he sold 20 of these computer systems, later called Bloomberg Terminals and 30% equity in the company to Merril Lynch for $30 million. Bloomberg wasn’t allowed to sell the terminals to competitors of Merril Lynch for 5 years after the first sale.
In 1986 Innovative Market Systems was renamed Bloomberg L.P.. Bloomberg L.P started Bloomberg Business News, which was an informational news program about the financial markets. In 1996 Bloomberg bought 10% of the 30% stake sold to Merryl Lynch back for $200 million. During the financial crisis of 2008, Bloomberg bought the remaining 20% stake held by Merryl Lynch back for $4.43 billion.
Bloomberg L.P is still a private company today owned by Michael Bloomberg. It has acquired radio station WNEW, BusinessWeek Magazine, research company New Energy Finance, PolarLake, and RTS Realtime Systems.
Bloomberg Products and Services
Bloomberg offers the Bloomberg Terminal, Bloomberg News, Bloomberg Television, Bloomberg Markets, Bloomberg Entity Exchange, Bloomberg Government, Bloomberg Law, Bloomberg Opinion, Bloomberg Tradebook, Bloomberg Beta, Open Bloomberg, Bloomberg Innovation Index, Bloomberg Quicktake, and Bloomberg New Economy Forum. Its most famous product is the Bloomberg Terminal, which accounts for more than 85% of the company’s annual revenue. Almost all other products are subscription-based data services. Bloomberg Tradebook is an online equity, forex, and options broker.
Bloomberg Offices and Corporate Culture
Bloomberg’s headquarters are located at 731 Lexington Avenue in Manhattan, New York, and have a non-hierarchical corporate culture. The company has 167 offices total across the world in prominent cities like London, Hong Kong, and Singapore. All employees are treated the same at Bloomberg and executives do not have private offices. The company’s upper management consists of Michael Bloomberg, Peter Grauer, and Thomas Secunda.
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