Business v. journalism divide blurs at Bloomberg

While business executives of Bloomberg L.P. celebrate sales in Hong Kong of more than a half a billion dollars per year, journalists on the news side of the company face layoffs.
 
The news organization founded by New York City Mayor Michael Bloomberg has seen slower growth in recent years, despite impressive sales numbers. The New York Times reports that the business side of Bloomberg is lobbying to drop investigative journalism and focus instead on quick hits of markets-focused news, which it claims are easier for traders and hedge-fund managers to “digest.”
 
In response, Bloomberg has begun to lay off approximately 40 news staff and reduce coverage of sports and culture. It has tentative plans to hire around 100 positions in the coming months. The new hires will produce “Twitter-like bursts” of market-centric news.

Read more from the New York Times.