The Washington Post’s
(WPO) news sharing agreement with Bloomberg News will give the newspaper about 300,000 new readers and further solidify Bloomberg’s position as the nation’s top financial wire service.
The newspaper and the wire service announced a partnership Thursday. Post
stories will be available in real time on Bloomberg’s terminals, a fixture on Wall Street analysts’ and traders’ desks. The addition of Bloomberg financial news will strengthen the Post’s
financial coverage, especially on washingtonpost.com
The deal follows the announcement earlier this week that The Washington Post
ended its 47-year partnership with the Los Angeles Times
to syndicate stories from both newspapers. The new service, tentatively called The Washington Post News Service with Bloomberg News, will compete with the McClatchy
(MNI) Tribune News Service, which now carries stories from the Los Angeles Times
Like many other newspapers, The Washington Post
has cut staff and reduced pages. Business coverage, once a stand-alone section, has been folded into the Post’s
Meanwhile, Bloomberg has added staff and expanded its coverage of general news, sports, and culture. The deal may allow each news provider to concentrate on its core coverage while trimming the ad-ons. For example, how many readers turn to Bloomberg for coverage of visual arts, dance, and music?
The deal will combine the Post’s
strong narrative writing with Bloomberg’s flat, just-the-facts-ma’am style that serves the news straight up for Wall Street pros. The Post’s
stories are often among the best written in daily journalism while Bloomberg’s stories typically follow a formula.
The deal will also put Bloomberg’s stories in front of key government officials in Washington, and is likely to make the financial wire service more visible than the rivals Dow Jones Newswires
(NWS) or Reuters
(TRI). But The Wall Street Journal
remains strong with its print edition and a web site that includes paid content.
Bloomberg will continue to carry selected stories from The New York Times
(NYT) on its terminals.
Bloomberg News was founded by Michael Bloomberg, now the major of New York. He seeks a third term in November.
Salomon Brothers fired Bloomberg in 1981. He used his $10 million severance package to start a new company called Innovative Market Systems. Merrill Lynch became its first customer and invested in the new company in 1982. The company was renamed Bloomberg LP in 1986. It launched its news division in 1990 and it now includes radio and TV.
In July 2008, Merrill Lynch sold its 20% stake in Bloomberg back to the company for about $4.4 billion, valuing the news and data company at about $22.5 billion.
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