Big Bloomberg layoffs, says New York Post

Thursday, August 20, 2015
By Paul Martin

by James Warren
Aug. 20, 2015

It’s been no secret that the return of Mike Bloomberg to his financial news empire would bring changes in personnel and strategy. Now it’s apparently bringing layoffs. The devil of their true significance will be in as-yet-undisclosed details.

Citing “sources,” the New York Post says that the company, which employs 2,700 journalists worldwide, is gearing up for about 100 layoffs, or 4.2 percent of its force, in coming weeks. The company had no immediate response.

Many of the layoffs are expected to target politics and government reporters out of the New York and Washington, DC, bureaus, two sources told The Post.
Those politics and government reporters have been a source of much internal debate, especially with Bloomberg’s return after serving three terms as New York City’s mayor.

They’ve not been viewed as money-making, “market-moving” elements of Bloomberg, where the financial news and data provided by its more than $20,000-a-year-terminals are the source of the company’s enormous success.

At the same time, while Bloomberg was still away serving as mayor, the company made a huge, multi-million-dollar investment in political reporters Mark Halperin and John Heilemann and a new New York-based politics site.

The Rest…HERE

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