Products and services
Bloomberg L.P. (Limited Partnership) is a financial news and information services media company in New York. Its main business is leasing terminals to subscribers. Bloomberg provides financial software tools such as analytics and equity trading, data services and news to financial companies and organizations around the world.
Bloomberg services is the source of real-time and historical financial news and information for central and commercial banks, investment institutions, government offices and agencies, law firms, corporations and news organizations. Its customers do trading and researching that help them make decisions and execute. The information from Bloomberg is delivered to its customers’ desktop in whatever they need it.
Bloomberg also has grown to include a global news service as television, radio and internet and printed publications. Bloomberg L.P. is founded to supply financial news, by Michael Rubens Bloomberg (born February 14, 1942), the current mayor of New York City who owns more than 80% of the company. Bloomberg L.P. is located at the Bloomberg Tower, 731 Lexington Avenue in Midtown, Manhattan New York. The tower is also known as One Beacon Court, since it has a lighted rectangle beacon that caps the building and the paved courtyard at the ground level is a news and data company.
History
Bloomberg L.P. founder Michael Bloomberg was fired from Salomon Brothers in 1981 where he was a general partner. He was given $10M severance package. With this money, he went to set up Innovative Market Systems. In 1982, Innovative Market Systems had Merrill Lynch as Bloomberg’s first customer where they installed market master terminals for the financial news monitoring. It was in 1986 that the company was named Bloomberg L.P. and in 1988, they have installed 5000 terminals. Later, they launched Bloomberg’s auxiliary products like Bloomberg Tradebook (a trading platform), Bloomberg Messaging Service and Bloomberg newswire.
Bloomberg today
In 2000, it is estimated that Bloomberg’s cash flow margins on its $2.3 billion
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