For the first time in its 28 year history, Bloomberg news will be doing layoffs. The company is cutting 100 jobs in its radio and television divisions, as it tries to reduce overlapping jobs within its network of international programming and channels.
The NYT reports most of the jobs eliminated are in Bloomberg’s NYC headquarters. The cuts represent about 1% of the company’s more than 10,000 employees.
Mayor Michael Bloomberg founded the company after leaving Wall Street in 1981. He is the majority owner, but no longer plays a day-to-day management role.
The job cuts came as a surprise, because it seemd Bloomberg was “largely immune to the economic downturn.”
