Today, the New York Times published a highly interesting story on how Bloomberg LLP wants to become the world’s most influential media company. While publishing giants like Condé Nast, Time Inc., or the New York Times Company have to lay off people by the thousands, Bloomberg is hiring and expanding. It now has a bigger editorial staff than The New York Times or the Wall Street Journal.
Why is that? The New York Times points to the following reasons:
• Bloomberg has deep pockets, and makes wise investments.
• Bloomberg revamps their websites into services that appeal to a more general audience.
• Bloomberg is privately held, which excludes it from Wall Street’s pressure to grow on a quarterly basis.