Skip to content
— CH. 1 · FOUNDING AND EARLY GROWTH —

Bloomberg L.P.

~3 min read · Ch. 1 of 6
6 sections

  • Michael Bloomberg walked away from Salomon Brothers in 1981 with a $10 million partnership settlement. He used that money to launch Innovative Market Systems, later renamed Bloomberg L.P., alongside partners Thomas Secunda and Duncan MacMillan. The company's first product was the Market Master terminal, which hit the market in December 1982. Merrill Lynch became the very first customer by buying 20 terminals and taking a 30 percent equity stake for $30 million. That deal included a five-year restriction preventing Merrill Lynch from marketing the system to its competitors. In 1984, Merrill Lynch released IMS from this restriction, allowing broader sales. By 1986, the firm officially changed its name to Bloomberg L.P. to reflect its limited partnership structure.

  • The Bloomberg Terminal remains the engine of the business, accounting for more than 85 percent of annual revenue as of 2011. Subscribers pay at least $24,000 per user each year to access real-time financial data and electronic messaging capabilities. The proprietary computer system allows users to monitor public and private markets globally while searching news feeds instantly. Rows of flat-panel monitors hang overhead in offices displaying weather updates and customer service statistics alongside market data. Every employee sits at an identical white desk topped with a custom-built Bloomberg computer terminal regardless of their rank. This non-hierarchical office culture places executives on the same floor as junior staff without private offices. The system covers both public and private markets across the globe through the Bloomberg Professional Service platform.

  • Bloomberg launched Bloomberg Business News in 1990 with Matthew Winkler serving as editor-in-chief. The company established Bloomberg.com on the 29th of September 1993, creating a financial portal for currency conversion and market events. A 24-hour television network called Bloomberg Television arrived in 1994 as a subscription service transmitted via DirecTV for 13 hours daily. By 2000, that programming reached 200 million households after entering the cable television market. The firm purchased New York Radio station WNEW in 1992 for $13.5 million and converted it into an all-news format known as Bloomberg Radio. John Micklethwait has served as editor-in-chief since 2015 overseeing content distributed through multiple channels including radio and print magazines. Justin B. Smith leads the multimedia group which includes radio, television, and online components.

  • The company acquired BusinessWeek magazine from McGraw-Hill in 2009 to attract general business readers beyond terminal subscribers. New Energy Finance joined the family in 2009 as a data company focused on carbon markets research based in the United Kingdom. Michael Liebreich created the entity in 2004 before Bloomberg purchased it to support low-carbon energy development. The Bureau of National Affairs was bought in August 2011 for $990 million to bolster government and law services. A Dublin-based software provider named PolarLake entered the fold in May 2012 to help companies manage enterprise data. Barclays sold its index business BRAIS to Bloomberg L.P. on the 16th of December 2015, for approximately $787 million. RTS Realtime Systems became part of the portfolio on the 9th of July 2014, providing low-latency connectivity for trading support. Broadway Technology was added via agreement on the 13th of March 2023, offering high-performance fixed income solutions.

  • A pay-to-play scheme involving Turner Construction executives and Bloomberg staff operated between 2010 and 2017 regarding office construction projects. Michael Campana received two years in prison in July 2020 for tax evasion related to $420,000 in bribes including Super Bowl tickets. Anthony Guzzone pleaded guilty in September 2020 to evading taxes on over $1.45 million received from subcontractors. He accepted more than $5.1 million in total bribes and was sentenced to three years and two months in January 2021. Mary Ann Olszewski sued the company in 1996 alleging she was drugged and raped by supervisor Bryan Lewis after reporting the incident. Sekiko Sakai Garrison filed suit in 1997 claiming sexual harassment and wrongful termination following her pregnancy announcement. The Equal Employment

  • Opportunity Commission filed a class-action lawsuit in September 2007 against more than 80 female employees regarding maternity leave discrimination.

Continue Browsing

Companies based in ManhattanMass media companies based in New York CityMultinational companies based in New York City

Common questions

When did Michael Bloomberg launch Bloomberg L.P.?

Michael Bloomberg launched Innovative Market Systems, later renamed Bloomberg L.P., in 1982 after walking away from Salomon Brothers with a $10 million partnership settlement the previous year.

How much does a Bloomberg Terminal subscription cost per user annually?

Subscribers pay at least $24,000 per user each year to access real-time financial data and electronic messaging capabilities through the Bloomberg Professional Service platform.

What date was Bloomberg.com established as a financial portal?

The company established Bloomberg.com on the 29th of September 1993, creating a financial portal for currency conversion and market events.

Which company acquired BusinessWeek magazine from McGraw-Hill in 2009?

Bloomberg L.P. acquired BusinessWeek magazine from McGraw-Hill in 2009 to attract general business readers beyond terminal subscribers.

Who received two years in prison for tax evasion related to bribes involving Bloomberg staff?

Michael Campana received two years in prison in July 2020 for tax evasion related to $420,000 in bribes including Super Bowl tickets.

See all questions about Bloomberg L.P. →

All sources

120 references cited across the entry

  1. 1newsFacebook's Zuckerberg Joins Gates, Buffett in PledgeBloomberg — December 9, 2010
  2. 2webBloomberg LP HistoryFundingUniverse
  3. 3webWhat is a Bloomberg Terminal or Bloomberg Machine?About.com
  4. 4webThe Bloomberg Juggernaut1 March 2011
  5. 5webMichael Bloomberg to be Harvard Business School's Class Day Speaker2019-03-29
  6. 6webA leaked memo shows Bloomberg reached $10 billion in annual revenue last year, and some insiders will receive a special bonusDakin Campbell et al.
  7. 7webGlobal Roles Careers2021-01-27
  8. 8newsFire in His Belly, Ambition in His Eyes, Michael Bloomberg Could Have Sat on the Millions He Made at Salomon. Instead He Built a Media Empire That Gives Wall Streeters Crucial Information in a FlashDavid Whitford — May 12, 1997
  9. 9encyclopediaMichael BloombergFebruary 10, 2020
  10. 10newsHow the Bloomberg Terminal Made History—And Stays Ever RelevantHarry McCracken — October 6, 2015
  11. 11bookMake It New: Essays in the History of American BusinessPaul Bodine — iUniverse — 2004
  12. 12webHere's Why Bloomberg Stock Doesn't ExistMara Lesemann — October 24, 2019
  13. 13encyclopediaBloomberg NewsChris Roush
  14. 14webDecision: Bloomberg L.P. v. David CohenNational Arbitration Forum
  15. 15newsBloomberg Buys Back Stake From Merrill for $200 MillionDecember 17, 1996
  16. 16webQuarterly Reports on Form 10-QSecurities and Exchange Commission — August 5, 2008
  17. 17webMike Bloomberg Is Worth $49 Billion, Much More Than Most People ThoughtEdmund Lee — recode.net — January 26, 2016
  18. 18newsBloomberg Expected to Buy Merrill's Stake in His FirmMichael J. de la Merced et al. — July 17, 2008
  19. 19newsMerrill posts $4.9 billion loss, sells Bloomberg stakeReuters — July 18, 2008
  20. 20webLeadership – Lex FenwickDow Jones
  21. 21newsChairman – Chairman of Bloomberg L.P.Bloomberg L.P.
  22. 22newsDoctoroff Named Chief Executive of Bloomberg L.P.Brian Stelter — July 12, 2011
  23. 23newsMichael Bloomberg to Return to Lead Bloomberg L.P.Andrew Ross Sorkin — 2014-09-03
  24. 24newsBloomberg to take helm at data groupSeptember 4, 2014
  25. 25webWhy people really pay for newsIan Silvera
  26. 26newsBloomberg overhauls management team with Mark Carney to lead new boardDaniel Thomas et al. — 2023-08-21
  27. 27newsCarney Leaves Brookfield for Political Run, Flatt Named ChairmanLayan Odeh — 2025-01-16
  28. 28newsBloomberg Acquires RTS Realtime SystemsBloomberg Now
  29. 29webBloomberg acquires RegTek.Solutions to expand reporting hub - The TRADEAugust 14, 2019
  30. 30newsBloomberg Enters Agreement to Acquire Broadway
  31. 31newsBloomberg to Pay $13 Million for WNEW-AMGeraldine Fabrikant — August 15, 1992
  32. 32webBloomberg to take over BusinessWeekOctober 14, 2009
  33. 33webExclusive: Joel Weber named editor of Bloomberg BusinessweekJanuary 4, 2018
  34. 34webBloomberg Acquires New Energy FinanceSustainable Business
  35. 35webBloomberg Bets on Carbon MarketsThe Green Economy
  36. 36webBloomberg New Energy Finance founder to chair advisory board, joined by Tanaka, RogersBloomberg New Energy Finance
  37. 37webLatest BNEF Report Finds Levelized Cost Of Renewables Continues To Fall2019-10-31
  38. 38webGIG, BNEF Launch Tool to Assess Climate Benefits of Wind and Solar Assets News SDG Knowledge Hub IISD
  39. 39webBloombergNEF Bloomberg Finance L.P.
  40. 40newsRise of renewables may see off oil firms decades earlier than they thinkJillian Ambrose — 2019-10-14
  41. 41newsBloomberg L.P. To Buy BNA for $990 MillionKevin Roose — August 25, 2011
  42. 42webBloomberg's Plan for World DominationNick Summers — November 21, 2011
  43. 43newsBloomberg Acquires PolarLake and Launches EDM ServicesBloomberg PolarLake — May 22, 2012
  44. 44webBloomberg to Acquire Barclays Risk Analytics and Index Solutions BusinessBloomberg L.P. — December 16, 2015
  45. 45press releaseBloomberg sells sports analysis division to STATSReuters — September 4, 2014
  46. 46webBloomberg Media to Acquire CityLab From The AtlanticDecember 10, 2019
  47. 47webInside the Bloomberg MachineWall Street and Technology — March 22, 2011
  48. 48webThis is how much a Bloomberg terminal costsQuartz — May 15, 2013
  49. 49webHow Bloomberg Will Fare in the Financial Crisis
  50. 50webBloomberg Editor Casts a Wider Net
  51. 51magazineBloomberg's Future is the Future of News For EveryoneJulia Greenberg — 2 September 2015
  52. 52newsAt Bloomberg, Modest Strategy to Rule the WorldStephanie Clifford et al. — November 14, 2009
  53. 53newsBloomberg Unit To Announce A Cable DealDanny Hakim — September 18, 2000
  54. 54newsBLOOMBERG LP NAMES JUSTIN B. SMITH CEO OF BLOOMBERG MEDIA GROUPBloomberg LP
  55. 55webBloomberg MarketsBusiness & Finance Magazines
  56. 56webBloomberg Strikes AgainLucia Moses — June 13, 2011
  57. 57newsMichael Dukmejian Joins BLOOMBERG MARKETS Magazine As PublisherReuters
  58. 58newsBloomberg Pursuits Ends Print Magazine - Folio2016-12-05
  59. 59newsBloomberg Unveils Entity Exchange to Ease Counterparty Onboarding ProcessRosemary Barnes — Finance Magnates — 2016-05-25
  60. 60newsBeyond KYCBloomberg L.P.
  61. 61newsBloomberg Plans a Data Service on the Business of GovernmentJeremy W. Peters — October 10, 2010
  62. 62newsBloomberg's news venture is good news for those willing to payJames Rainey — May 28, 2011
  63. 63newsBloomberg Hangs New ShingleRussell Adams — MarketWatch — July 8, 2010
  64. 64webAbout Bloomberg LawBloomberg L.P.
  65. 65webBloomberg View reveals columnists, editorial boardPolitico
  66. 66webBloomberg View Launches New opinion site is part of Bloomberg.com redesignMay 24, 2011
  67. 67newsBloomberg View: Opinions, Yes, But Only Factual OnesJeff Bercovici
  68. 68newsBloomberg Tradebook OverviewBloomberg Tradebook
  69. 69webBloomberg Expands Tradebook Offering to BrokersTraders Magazine Online
  70. 70newsBloomberg Beta Launches With $75 Million Technology Venture FundBloomberg NOW (press release)
  71. 71newsBloomberg Begins Fund to Invest in Start-UpsNicole Perloth — June 5, 2013
  72. 72newsThe Bloomberg Innovation IndexBloomberg
  73. 73webBloomberg's Global Innovation Index ranks S. Korea 1st, snubs U.S. at 6th placeGeektime
  74. 74news30 Most Innovative Countries: Who Took Home the Gold?Bloomberg
  75. 75webOpen Market Data InitiativeBloomberg — February 1, 2002
  76. 76webBloomberg Live
  77. 77newsBloomberg Is Expanding TicToc Social News Network Beyond Twitter, After Hitting Year-One GoalsTodd Spangler — 19 December 2018
  78. 78webBloomberg Renames TicToc News Service QuickTake, Partly to Avoid Confusion With Chinese TikTok App (EXCLUSIVE)Todd Spangler — 2019-12-03
  79. 79webA look at the Bloomberg Quicktake logo designNovember 8, 2020
  80. 80webMichael Bloomberg to host high-profile business forum in Beijing2019-05-21
  81. 81webBloomberg Forum attendees' special COVID treatment sparks Singapore debate
  82. 82news400 of the World's Most Influential Business and Government Leaders to Attend Bloomberg's First-Ever New Economy Forum in Singapore on November 6-7, 2018 Bloomberg L.P.Hank Paulson et al. — 2018-10-03
  83. 83webCatalysts Homepage
  84. 84webBloomberg's plan to take on Davos and the world's greatest challengesAja Whitaker-Moore — June 9, 2021
  85. 85webBloomberg Línea Officially Launches with 9 Websites in Latin AmericaBloomberg Línea — 2023-01-02
  86. 86webBloomberg Intelligence Introduces Market Structure Research Practice2020-08-26
  87. 87webBloomberg Media revamps content studio Kinection building in data to offer upgraded ad solutions
  88. 88newsSQUARE FEET: INTERVIEW -- WITH BARRY M. GOSIN; Trained in Manhattan, Graduating to the WorldAlison Gregor — April 23, 2006
  89. 89newsGrowing Bloomberg L.P. To Rent Half of a TowerCharles V. Bagli — February 9, 2011
  90. 90webSL Green Signs 925,000 Square Foot Renewal and Expansion Lease With Bloomberg, L.P. at 919 Third Avenue2024-10-16
  91. 91webBloomberg Signs 924,876 SF Office Lease Extension, Expansion at 919 Third Avenue in ManhattanTaylor Williams — 2024-10-18
  92. 92webAbout BloombergBloomberg
  93. 93newsBloomberg London Building
  94. 94magazineTowers of BabbleJuly 29, 2007
  95. 95webCompany Overview of Bloomberg L.P.
  96. 96newsFormer Bloomberg Executives to Be Charged in Construction Fraud SchemeCharles V. Bagli — 2018-12-10
  97. 97webFormer construction executive pleads guilty to tax evasion in connection with bribery scheme Internal Revenue Service
  98. 98webWestchester Man Among Former Executives To Admit To Multi-Million Dollar Kickback Scheme2020-08-02
  99. 99webEx-Bloomberg construction manager from Tuckahoe gets prison for role in bribery schemeDavid Propper
  100. 100webEx-Turner Construction Exec Pleads Guilty in Bribery SchemeKevin Rebong — 2020-07-30
  101. 101webEx-Bloomberg Construction Director Pleads Guilty to Tax FraudKevin Rebong — 2020-09-30
  102. 102webEx-Bloomberg exec sentenced after authorities say he led massive kickback schemeChris Sheldon NJ Advance Media for NJ.com — 2021-01-20
  103. 103webEx-Bloomberg construction exec pleads guilty to tax evasion charges on bribes2020-09-29
  104. 104webFormer Construction Executive Pleads Guilty To Tax Evasion In Connection With Bribery Scheme2020-09-29
  105. 105newsMike Bloomberg for years has battled women's allegations of profane, sexist commentsKranish, Michael — February 15, 2020
  106. 106webBloomberg's Sexual Blind SpotBarrett, Wayne — October 30, 2001
  107. 107web'I'd Do Her': Mike Bloomberg and the Underbelly of #MeTooGarber, Megan — September 19, 2018
  108. 108newsSekiko Sakai Garrison v. Michael Bloomberg and Bloomberg, L.P.United States District Court Southern District of New York — February 24, 1998
  109. 109webBloomberg sued for pregnancy discriminationSeptember 27, 2007
  110. 110newsBloomberg Is Deposed in Bias Suit Against FirmDavid W. Chen — May 15, 2009
  111. 111newsDiscrimination Suit Against Bloomberg L.P. Is RejectedDavid W. Chen — August 17, 2011
  112. 112newsU.S. judge tosses pregnancy bias lawsuit against Bloomberg LPJonathan Stempel — Reuters — September 9, 2013
  113. 113newsJudge tosses most plaintiffs in discrimination suit against Bloomberg L.P.Daniel Beekman — September 9, 2013
  114. 114newsThe Fed's Secret Liquidity LifelinesBloomberg
  115. 115webBloomberg Wins Its Lawsuit Against the Federal Reserve
  116. 116newsFed's Court-Ordered Disclosure Shows Americans' 'Right to Know'March 22, 2011
  117. 117inlineBloomberg LP v Bloomberg Ltd Retrieved September 18, 2014
  118. 118webBloomberg LP Hit With More Discrimination Claims by Former Reporter11 August 2020
  119. 119newsLeading News Outlets Are Doing the Fossil Fuel Industry's GreenwashingAmy Westervelt & Matthew Green — The Intercept — December 5, 2023
  120. 120webEverybody Is Mad at Bloomberg for Its Embargo-Breaking Gershkovich ScoopCharlotte Klein — 2024-08-02