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.
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(END) Dow Jones Newswires
November 17, 2016 15:55 ET (20:55 GMT)
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