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Posts Tagged ‘Bloomberg Markets’

Bloomberg Launches New Magazine

Bloomberg Markets, a monthly title sent to Bloomberg Terminal subscribers, is getting a spinoff. According to Adweek, Bloomberg Pursuits will launch in March and if it’s successful, will then publish twice a year or quarterly. Just what is Pursuits about? Rich people doing things that rich people do.

Ron Henkoff, the Editor-in-Chief of Markets, explains, “We tend to write about people who make a lot of money and spend a lot of money. But they are also into other things. They have very active lifestyles.”

To increase its chances of being successful, Pursuits will be targeting Terminal subscribers who don’t read other titles:

According to Ipsos Mendelsohn, 95 percent of Markets’ readers don’t read Robb Report, 88 percent don’t read the Financial Times, and 73 percent don’t read The Economist. ‘It’s a market that’s pretty exclusive to us,’ says Michael Dukmejian, publisher of Bloomberg Markets.

The magazine might also work because it’s banking on the exclusivity factor. People who have so much money that they consider buying an island for their cat seem likely to enjoy reading about others who would do the same thing.

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Bloomberg Markets Looks to Expand Influence

Unless you’re rich and subscribe to Bloomberg Terminals, you probably don’t pay much attention to Bloomberg Markets. However, a cover story planned for October about the 50 most influential people in business might change that. That’s the plan, at least.

According to Adweek, Bloomberg Markets Publisher Michael Dukmejian is taking aim at magazines like Forbes and Time beginning with the October issue:

‘We’re a magazine that a lot of people in the media-buying community haven’t paid a lot of notice to,’ Dukmejian says. ‘Now, we’re trying to position ourselves as a broader, consumer-based magazine.’

That shift first appeared back in April when the magazine hired its first creative director, snatching up Siung Tjia from ESPN The Magazine.

This is just the latest move from Michael Bloomberg to expand his influence in the world once he departs office. The most obvious was the launching of Bloomberg View, but by pitting Bloomberg Markets against more mainstream publications, Bloomberg is reaching out even more.

Time will tell if that long reach also possesses any grip.

The World of Bloomberg Markets

Bloomberg Markets is an exclusive magazine. As Business Insider puts it, only the financial elite subscribe to the magazine because it costs $20,000 to do so, and unless you’re really into money, there’s not much in it for you.

Or is there? Bloomberg Markets has been nominated for a National Magazine award, and one of its pieces even earned a nod from the Pulitzer board. It’s also updating its look, with a redesign that might attract more readers.

If all of that isn’t enough, the staffers at Bloomberg Markets know it doesn’t really matter if anyone reads. As Chris Kurtz, Advertising Sales Director, explained, people subscribe to the magazine so they can advertise on Bloomberg Terminal. “If you want to reach this audience, you can in only one way: That magazine. That magazine allows you to have an electronic presence on Bloomberg,” he says.

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Bloomberg Markets Hires Its First Creative Director

The fallout from ESPN The Magazine moving to Bristol continues today, with Bloomberg Markets naming Siung Tjia its first Creative Director. Tija was Creative Director with ESPN since 2007, and has won multiple awards for his design instincts.

Bloomberg Markets underwent a dramatic revamp in the fall of last year, and Ronald Henkoff, its Editor-in-Chief, sees Tija as a welcome addition to the magazine.

“Siung Tjia is a proven leader and innovator among magazine designers. Building on the momentum of our relaunch, he will help Bloomberg Markets reach new levels of excellence in design and photography,” said Henkoff.

Bloomberg Markets Editor Henkoff Discusses What’s Next For The Magazine, BusinessWeek and Bloomberg

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We were eager to listen in to today’s mediabistro.com Morning Media Menu podcast this morning, because we hoped guest Ron Henkoff, editor of Bloomberg Markets, would let us in on a little inside information stemming from Bloomberg LP‘s recent purchase of BusinessWeek.

Henkoff told hosts Jason Boog of GalleyCat and AgencySpy‘s Matt Van Hoven that BusinessWeek would not be combined with Bloomberg Markets, an idea that had been floating around before the sale was made final. “Bloomberg will have what we hope will be the world’s leading business weekly in BusinessWeek and the world’s leading financial monthly, which is Bloomberg Markets,” Henkoff explained.

Henkoff said that decisions are still being made about the eventual size of the BusinessWeek staff. “What’s important is that both magazines will become part of Bloomberg News, which is a global newsgathering organization dedicated to news on business and finance,” he said.

Also discussed: Bloomberg Markets coverage and what’s in the magazine’s future.

You can listen to all the past podcasts at BlogTalkRadio.com/mediabistro and call in at 646-929-0321.

Taking Another Look At The BusinessWeek Deal

bloomberg logo.jpgYesterday afternoon came the long-awaited news that Bloomberg LP had snapped up McGraw-Hill‘s BusinessWeek.

This morning, there are a few new points of view on the deal, which is said to have cost Bloomberg less than $5 million. Bloomberg also reportedly agreed to assume all of BusinessWeek‘s liabilities, including the cost of getting magazines to all of its subscribers who have paid in advance and any severance packages for BusinessWeek employees who are laid off during the transition. The New York Times says BusinessWeek‘s liabilities were $31.9 million as of April.

The Times also reports that the magazine will be rechristened Bloomberg BusinessWeek.

The Financial Times focused on the fact that this acquisition is a change of pace for the privately owned Bloomberg. “The rare break from Bloomberg’s tradition of organic growth came as Thomson Reuters, its rival in financial data terminals, was putting the finishing touches to a takeover of Breakingviews.com, a UK-based financial commentary website.”

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And BusinessWeek Goes To: Bloomberg LP

businessweek cover 1012.jpg After weeks of speculation, Bloomberg LP just announced that it has agreed to acquire BusinessWeek from McGraw-Hill Cos.

Bloomberg, a late entrant into the bidding for the business weekly, did not disclose terms of the deal.

There had been some speculation last week that, if Bloomberg were to acquire BusinessWeek, the magazine’s staff might be dumped and replaced by the current staff of Bloomberg Markets magazine. Although the press release that just went out about the deal didn’t address any staffing decisions yet, it did note that Bloomberg’s chief content officer Norman Pearlstine has now been named chairman of BusinessWeek.

“Norm’s role will ensure that we fully capitalize on the combined strengths of Bloomberg and BusinessWeek,” said Matthew Winkler, editor-in-chief of Bloomberg News.

We’ll keep you updated as this story progresses. Know anything? Let us know.

Full release after the jump.

Update: BusinessWeek‘s own “On Media” column reports that Bloomberg likely offered $2 to $5 million in cash for the magazine and “has agreed to assume liabilities, including potential severance payments.” Added reporter Tom Lowry, “It remains to be seen how much of the magazine’s 400-plus staff Bloomberg plans to cut, but reports of a planned scorched earth campaign are overblown, say sources.”

Another update: BusinessWeek Publisher Keith Fox‘s memo to the magazine’s staff: “While the ink is barely dry and the long-term plans are being worked out, we do know that Bloomberg is committed to and values our brand, our editorial integrity, and our ability to drive advertising, circulation, and new digital revenue.”

Earlier: Down To The Wire At BusinessWeek

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Down To The Wire At BusinessWeek

businessweek cover 1012.jpgWe expect to hear news on the BusinessWeek sale any day now, but it seems that whether Bloomberg LP or Zelnick Media — the two bidders left in the process we’ve been tracking all summer — buy the business magazine, there will be changes for the staff to endure. Although it remains to be seen what will happen, one choice seems better than the other at the moment.

Last week, paidContent reported that Reuters had joined with Zelnick in its bid for BusinessWeek, which calmed some fears at the McGraw-Hill owned magazine. However, WWD has painted a scary picture for BW staffers if Bloomberg were to to win ownership of the mag:

“..the company is expected to only take on the BusinessWeek name and Web site, and none of its staff or bureaus…the deal hasn’t been sealed and there are still a few sticking points in negotiations, including who will pay the severance packages of BusinessWeek‘s staff — Bloomberg or current owner McGraw-Hill Cos. If Bloomberg does take over BusinessWeek, the company is expected to use the staff from Bloomberg Markets magazine to provide editorial for the acquired title.”

But don’t worry BusinessWeek staff, you might be able to find new jobs at BusinessInsider.com. We wonder if the business Web site will be as generous to the Forbes staffers who we hear might be getting the axe this week.

Dear BusinessWeek Folks…We Have A Few Jobs For You! — Business Insider