Bloomberg News

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Lore & Background

Bloomberg News was founded in 1990 by Michael Bloomberg and Matthew Winkler to deliver financial news to Bloomberg Terminal subscribers. According to Winkler, then a writer for The Wall Street Journal, Michael Bloomberg telephoned him in November 1989 and asked, 'What would it take to get into the news business?' In his book, *The Bloomberg Way*, Winkler recalls a conversation about a hypothetical ethical dilemma: a customer threatens to return all terminals if a story about its chairman is published. Bloomberg replied, 'Go with the story. Our lawyers will love the fees you generate.' Winkler calls this his 'deciding moment.' The creation of Bloomberg Business News required Winkler to open a Bloomberg office in Washington, D.C. The Standing Committee of Correspondents required Bloomberg News to be formally accredited, which it earned after agreeing to provide free terminals to major newspapers in exchange for news space. During this growth period, Bloomberg News opened a small television station in New York, purchased New York radio station WNEW, launched fifteen-minute weekday business news programs for PBS, and opened offices in Hong Kong and Frankfurt, Germany. Bloomberg Business News was renamed Bloomberg News in 1997.

Reader's Guide

Bloomberg News has played a significant role in financial journalism, evolving from a terminal-focused service to a global multimedia news organization. In 2012, it published an investigative series titled 'Revolution to Riches,' which focused on China's political elite and won the George Polk Award for International Reporting. One story delved into the family wealth of Chinese leader Xi Jinping. Before publishing, Bloomberg executives and senior editors met with Chinese diplomats twice, without informing the journalists working on the story. The Chinese ambassador reportedly threatened consequences for Bloomberg's Chinese operations if it published. Editor-in-chief Matthew Winkler reportedly refused to stop the story, and then-CEO Daniel Doctoroff insisted on publishing, though he demanded changes to soften its impact. After publication, the Chinese government ordered state enterprises not to subscribe to Bloomberg News, the company's website was blocked on Chinese servers, and it was unable to obtain visas for journalists. The following year, Bloomberg shut down an ongoing investigation into financial ties between a wealthy Chinese businessman and the families of top Chinese leaders. Another planned article about children of senior Chinese officials employed by foreign banks was also killed. At least five journalists and editors left the company after news reports about the decision appeared. Bloomberg's top editors denied the stories were killed, but this was contradicted by anonymous employees. Michael Bloomberg denied the accusation but noted he had recused himself as mayor of New York. By 2015, Bloomberg's reporters began receiving visas again. Chairman Peter Grauer told the Hong Kong bureau that the sales team had done a 'heroic job' of mending relations, but warned that if Bloomberg 'were to do anything like' the Xi story again, the company would 'be straight back in the shit-box.' In 2015, editor-in-chief John Micklethwait refocused the agency on business and economics content. In 2018, Bloomberg introduced a metered paywall limiting users to 10 free articles per month and 30 minutes of Bloomberg Television per day. In 2018, Bloomberg Businessweek published an article alleging Chinese hacking of American companies; Apple and Amazon strongly denied it, and the U.S. Department of Homeland Security and U.K. National Cyber Security Centre supported those denials. In 2021, Bloomberg published a follow-up standing by its allegations. In 2016, Bloomberg published a hoax news release about Vinci SA; the stock briefly fell 18%. In 2019, France's stock markets regulator fined Bloomberg €5 million, reduced to €3 million on appeal in 2021. In November 2019, as Michael Bloomberg announced his presidential campaign, editor-in-chief John Micklethwait ordered staff not to investigate their boss or other Democratic candidates, while investigations into Donald Trump would continue 'as the government of the day.'

Did You Know?

• Bloomberg News was founded in 1990 with a team of just six people.
• Matthew Winkler, the first editor-in-chief, was convinced to join after Michael Bloomberg said 'Go with the story' in response to a hypothetical ethical dilemma about a customer threatening to return terminals.
• In 2012, Bloomberg News won the George Polk Award for International Reporting for its series 'Revolution to Riches' on China's political elite.
• After publishing a story on Xi Jinping's family wealth in 2012, China ordered state enterprises not to subscribe to Bloomberg News and blocked its website on Chinese servers.
• In 2019, France's stock markets regulator fined Bloomberg €5 million for publishing a hoax news release about Vinci SA; the fine was reduced to €3 million on appeal in 2021.