Bloomberg L.P., the parent company of Bloomberg TV, gets profiled by Newsweek. The focus, of course, is on the wildly profitable terminal business, a business that any media executive would salivate over.
But there are also many other nuggets revealed by Nick Summers, including the fact that last month’s GOP primary debate was just the beginning for the network, best known for its wonky financial coverage:
Events like the GOP primary debate in October are understood to be crucial chances to make a first impression with Americans who have never heard of Bloomberg. An estimated 1.3 million tuned in, a record high for Bloomberg TV. It was another successful foray into politics. More is coming: the company plans to cover the 2012 presidential campaign heavily and will spend lavishly at the party conventions. “I think the Bloomberg guys are very, very smart—and really wealthy. Some of the stuff they do down here I think is probably a rounding error on their books,” says Robert Allbritton, the owner of Politico, another outlet that came out of nowhere to dominate news in Washington. “But you don’t get wealthy making mistakes.”