Norm Pearlstine, former editor-in-chief of Time Inc and one-time managing editor of the Wall St Journal, has announced he is joining Bloomberg as "Chief Content Officer."

Most recently Pearlstine has been the senior advisor for telecom and media at the Carlyle Group. He also authored a book called "Off the Record" about the aftermath of Valerie Plame case. According to the email Pearlstine sent out his new role will be to "seek growth opportunities for Bloomberg's television, radio, magazine and online products and to make the most of the existing Bloomberg News operations."

Dealbook is surmising that the real motivation may have come from the fact that the sort of deals Carlyle hired Pearlstine to broker have fallen victim to the credit crunch.