With Michael Bloomberg announcing he is going to run for president, the editorial and research wing of his mega-media company has a bit of a problem. (I think it is fair to call it a “mega-media company” since its annual revenues are over $10 billion. While most of that money comes from people who subscribe to Bloomberg LP’s business terminals, the editorial and research group has 2700 journalists and analysts.1 That’s a mega-media company.)
Mr. Bloomberg’s announcement is a problem for Bloomberg LP because Mr. Bloomberg has a policy that journalists who work for his company can’t say anything bad about him. Mr. Bloomberg explained it last year: “[Q]uite honestly, I don’t want the reporters I’m paying to write a bad story about me.”2 To show you how far Mr. Bloomberg’s definition of a “bad story” goes, the Bloomberg Billionaire List doesn’t include Mr. Bloomberg, even though Forbes says he the eighth richest man in the world.
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