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Bloomberg L.P. Lays Off Its First Workers Ever

By Joan Firstenberg     Feb 5, 2009 in Business
Bloomberg L.P., the company founded 28 years ago by Michael Bloomberg, now New York City's mayor, is doing the unthinkable -- laying off 100 of its employees, in the first downsizing in its history.
Bloomberg L.P., the financial news and data giant, announced Wednesday this it is cutting 100 jobs, the first layoffs since it was founded by Michael R. Bloomberg 28 years ago.
The cuts come in Bloomberg’s radio and television divisions, which are being reorganized around the world. Probably a key reason behind the cuts are that these divisions do not generate money for the empire. They have been used for years as a public relations tool for the company. The New York Post reported on Wednesday that Bloomberg's TV and radio operations both are losing an estimated $20 million a year. Most of those being laid off are based in New York City, where Bloomberg is headquartered. The cuts represent about 1 percent of the company’s more than 10,000 employees.
Bloomberg TV, which broadcasts around the world on up to 11 different channels, now says it wants to create “a single English-language global network". Andy Lack, head of the company's multimedia operations, says Bloomberg is going to try to better compete with other financial news networks like CNBC, which currently dominates in the U.S. market.
Bloomberg's plans are to shut all non-English language television operations, including those in Japan, Spain and France. Company officials say it is incorrect to call these layoffs, since they are not linked in any way to the recession. They say Bloomberg will hire 1,000 workers in its news and financial divisions over the next year, with many of them in New York.
The cuts include the cancellation of the "Night Talk" TV show with host Mike Schneider, who has been let go.
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