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.

Bloomberg L.P.: the story on HearLore

Q: 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.

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.

Bloomberg L.P..

Core Financial Infrastructure

Continue Browsing

Common questions

Media Expansion Strategy

Corporate Acquisitions Portfolio

Leadership Transitions

Legal Controversies And Scandals