Tags: bloomberg | news | layoffs | 50

Bloomberg's News Division to Lay Off 50 People

By Dan Weil   |   Monday, 18 Nov 2013 02:11 PM

Bloomberg news will lay off about another 50 workers, or about 2 percent of its staff, people knowledgeable about the company's plans told The Wall Street Journal.

Most of the employees to be released work in areas such as sports and arts and entertainment rather than in the core financial area. But Bloomberg's investigative-reporting unit will account for a small part of the reduction, sources said.

Meanwhile, Bloomberg TV let 10 workers go last week, people familiar with the move told The Journal.

Bloomberg's newsroom and media group comprise about 2,400 employees working in TV, radio, and digital media, the newspaper said.

The company sells financial information through its computer terminals, and the growth of that market has slowed over the past few years. Banks, which are among the terminals' heaviest users, have been slashing costs.

Thomson Reuters, Bloomberg's main competitor, recently announced it would lay off about 140 newsroom workers, about 5 percent of its total in that area.

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