Bloomberg News has decided to lay off as many as 90 journalists as part of its strategic decision to reorient its efforts on business, finance, and technology coverage. Since founder Michael Bloomberg returned to the helm after three terms as NYC mayor, a number of sweeping changes have been announced at the company. The company is intent on zeroing in on its core customers, financial professionals who pay $21,000 per annum, who only have a short amount of time to digest a lot of headlines.
Last week, the company’s founder, Michael Bloomberg, announced in a memo to staff members that its chief of TV, Claudia Milne, hired with great fanfare in 2014, would move to special projects. She will be succeeded by Al Mayers, who has run the organization’s radio operations, Mr. Bloomberg said in the memo. Since Mr. Bloomberg returned in September 2014 to the company he founded, after three terms as mayor of New York, he has made both sweeping and minute changes to its media operations, part of an apparent effort to reorient it toward its core consumers — the financial professionals who pay about $21,000 a year to subscribe to the information terminals that provide about 85 percent of the company’s revenue.