Bloomberg L.P. is a privately held financial, software, data, and media company headquartered in Midtown Manhattan, New York City. It was founded by Michael Bloomberg in 1981, with the help of Thomas Secunda, Duncan MacMillan, Charles Zegar, and a 30% ownership investment by Merrill Lynch.
Bloomberg L.P. provides financial software tools such as analytics and equity trading platform, data services, and news to financial companies and organizations through the Bloomberg Terminal (via its Bloomberg Professional Service), its core revenue-generating product.
Bloomberg L.P. also includes a wire service (Bloomberg News), a global television network (Bloomberg Television), websites, radio stations (Bloomberg Radio), subscription-only newsletters, and two magazines: Bloomberg Businessweek and Bloomberg Markets.
In 2014, Bloomberg L.P. launched Bloomberg Politics, a multiplatform media property that merged the company's political news teams, and has recruited two veteran political journalists, Mark Halperin, and John Heilemann, to run it.
In 1981, Salomon Brothers were acquired, and Michael Bloomberg, a general partner, was given a $10 million partnership settlement.
Bloomberg, having designed in-house computerized financial systems for Salomon, used his $10 million severance cheque to start Innovative Market Systems (IMS).
Bloomberg developed and built his own computerized system to provide real-time market data, financial calculations, and other financial analytics to Wall Street firms. In 1983, Merrill Lynch invested $30 million in IMS to help finance the development of "the Bloomberg" terminal computer system and by 1984, IMS was selling machines to all of Merrill Lynch's clients.
In 1986, the company was renamed Bloomberg L.P., and 5,000 terminals had been installed in subscribers' offices. Within a few years, ancillary products including Bloomberg Tradebook (a trading platform), the Bloomberg Messaging Service, and the Bloomberg newswire were launched. Bloomberg launched its news services division in 1990. Bloomberg.com was first established on September 29, 1993, as a financial portal with information on markets, currency conversion, news and events, and Bloomberg Terminal subscriptions.
In late 1996, Bloomberg bought back one-third of Merrill Lynch's 30 percent stake in the company for $200 million, valuing the company at $9 billion. In 2008, facing losses during the financial crisis, Merrill Lynch agreed to sell its remaining 20 percent stake in the company back to Bloomberg Inc., majority-owned by Michael Bloomberg, for a reported $4.43 billion, valuing Bloomberg L.P. at approximately $22.5 billion.
Bloomberg L.P. has remained a private company since its founding; the majority of which is owned by Michael Bloomberg. To run for the position of Mayor of New York against Democrat Mark Green in 2001, Bloomberg gave up his position of CEO and appointed Lex Fenwick as CEO in his stead. Peter Grauer is the chairman.
In 2008, Fenwick became the CEO of Bloomberg Ventures, a new venture capital division. Daniel Doctoroff, former deputy mayor in the Bloomberg administration, serves as president and CEO. In September 2014, it was announced that Michael Bloomberg would be taking the reins of his eponymous market data company from Doctoroff, who was chief executive of Bloomberg for the past six years after his term as deputy mayor.
In September 2014, Bloomberg sold its Bloomberg Sports analysis division to the data analysis firm STATS LLC for a fee rumored to be between $15 million and $20 million.