Date
12 December 2017
Michael Bloomberg will take over as head of Bloomberg LP by the end of the year. Photo: Bloomberg
Michael Bloomberg will take over as head of Bloomberg LP by the end of the year. Photo: Bloomberg

Michael Bloomberg to return as head of media empire

Only eight months after ending his final term as New York City mayor, Michael Bloomberg has decided to reassume the leadership of his business empire.

Bloomberg, 72, told close friends and senior executives of Bloomberg LP, a leading financial data and media company, that chief executive Daniel Doctoroff is leaving the company by the end of the year and that he is taking over, the New York Times reported.

Before the revelation, he had insisted that he had no intention of returning to the company he founded, and when he left politics, he was expected to focus on giving away much of his US$32.8 billion fortune to philanthropic projects, according to the newspaper.

But Bloomberg, who still owns 88 percent of the company, has lately become an increasing presence at Bloomberg’s Lexington Avenue headquarters, participating in meetings and strategy sessions.

“When Mike decided he wanted to spend some time at the company, and then spent more time, obviously things changed,” Doctoroff was quoted as saying. “It isn’t the job I had for the past six years. It’s his — he wants to be involved. He doesn’t want to consult with me on everything. I get that.”

Doctoroff, 56, a former deputy mayor of New York and private equity executive, will join the board of Bloomberg’s foundation. He remains a friend of the former mayor.

Under Doctoroff, the company’s revenue has jumped to more than US$9 billion, from US$5.4 billion. Subscriptions to its signature financial-data terminals, which rent for about US$20,000 a year, have grown to 321, 000, from 273,000, despite a shrinking financial sector.

While many newsrooms are shrinking, Bloomberg has added more than 500 reporters and editors during his tenure, the report said.

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CG

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