Bloomberg Changes Businessweek Leaders, Ends Political TV Program
November 17 2016 - 4:10PM
Dow Jones News
Bloomberg LP announced a series of changes across its news
organization on Thursday, including a revamp and new leadership at
its money-losing magazine Bloomberg Businessweek and the end of its
high-priced political news program, "With All Due Respect."
In addition, approximately 30 Bloomberg News journalists were
let go Thursday across the U.S., Europe and Asia as part of an
effort to merge the company's Bloomberg First Word and markets news
teams, according to a person familiar with the matter. Bloomberg
employs about 2,600 journalists and analysts world-wide.
A new version of Bloomberg Businessweek will launch toward the
end of the second quarter next year, Bloomberg Editor in Chief John
Micklethwait and Bloomberg Media Chief Executive Justin Smith wrote
in a memo to staff. The revamp is necessary because its business
model is "too reliant" on print advertising, which is in rapid
decline industrywide. A person familiar with the matter said the
publication, which Bloomberg acquired in 2009, was on pace to lose
between $20 million and $30 million this year.
The magazine's business model has "not evolved as quickly as the
market around it—and does not have enough of a focus on digital
innovation," Mr. Micklethwait and Mr. Smith wrote. "Working out the
exact details of this new BBW is the job of the next few months.
But we are already clear that it requires deep change."
The memo said the magazine's editor, Ellen Pollock, and her
deputy, Brad Wieners, would be leaving the company. Ms. Pollock
will be succeeded by Washington Bureau Chief Megan Murphy.
The move comes as newspapers and magazines struggle with an
accelerating decline of print advertising revenue that has led to
staffing cutbacks across the industry. The Wall Street Journal
recently offered buyouts and began laying off staffers amid a 21%
ad revenue decline; the New York Times has similarly warned of
staff reductions next year; and Gannett Co. recently laid off
around 380 staffers across its approximately 120 newspaper
properties.
In a separate memo on Thursday, Bloomberg said its daily
political show, "With All Due Respect," would draw to a close on
Dec. 2 as the company revamps its political coverage after the U.S.
election. The show launched in 2014 with the big-ticket hires of
well-known Beltway chroniclers, John Heilemann and Mark
Halperin.
For the rest of the year, the show's team will focus on
producing a series of hourlong features previewing the presidency
of Donald Trump. After the inauguration, Bloomberg said it would
look to launch a new show focused on global politics.
The company said it would similarly transition the focus of its
political coverage on the web more globally and that Messrs.
Heilemann and Halperin would step back from full-time roles but
continue as contributors and columnists.
Write to Lukas I. Alpert at lukas.alpert@wsj.com
(END) Dow Jones Newswires
November 17, 2016 15:55 ET (20:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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